From 1 July, businesses with under 20 employees have to be ready to begin making employee superannuation payments via an approved electronic method.
It’s incredibly important businesses comply with the deadline. If you are not ready, employees’ super funds will no longer accept super contributions paid in a non-conforming way. This includes all cheques.
The new system, SuperStream, will simplify processes and save employers time and money. Instead of making separate transactions for each individual employee, you only have to make one. Businesses will have a better audit trail and better historical records.
REI Super can help you prepare. We provide employers and businesses with a free clearing house service (Mercer Spectrum) to help manage their super contributions in one place.