No more cheques
As you are no doubt aware, SuperStream is new government legislation that requires employers to provide payments and the associated data for those payments to super funds in a specific electronic format. No more cheques will be allowed.
New ATO deadline
Small employers (19 or fewer employees) were required to meet the SuperStream standard by 30 June 2016.
However, the ATO recently announced that it will provide “compliance flexibility” to small businesses that are not yet SuperStream ready, until 28 October 2016. Larger employers are already required to be using SuperStream.
It’s very important that businesses comply with the deadline. If you are not ready, employees’ super funds will no longer accept super contributions that are paid in a non-conforming way. This includes all cheques.
New SuperStream system
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.
Find out more about our clearing house service.