SuperStream - YOU MUST ACTION NOW!

SuperStream - YOU MUST ACTION NOW!

 

Time is ticking with not much time left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.

What is SuperStream?

SuperStream is a standard for processing superannuation data and payments electronically. It must be used by all employers. SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

This means:

  • employers can make all their contributions in a single transaction, even if they're going to multiple super funds (SAVES TIME!)
  • contributions and rollovers can be processed faster, more efficiently and with fewer errors
  • people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.

It takes a little time to set up and you will reduce your time spent each quarter! Some say a 70% reduction in the time they spend on super. If you haven't done so already your options to get ready include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATOs free Small business superannuation clearing house).

An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 April. This gives you time to check that things are running smoothly before the deadline.

Use the ATO’s Employer checklist for a step-by-step guide which explains on all you need to do.

https://www.ato.gov.au/Super/Superstream/Employers/Employer-checklist--a-step-by-step-guide/?sbn

If you are using Xero it is ‘super’ easy to set-up. Please feel free to call us 03 59117000, we can assist!

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Join us for our first Mornington Peninsula retailers breakfast and learn how you can not only survive but thrive in an Amazonian retail environment.

There's been a lot of talk recently about the threat of giants like Amazon on bricks & mortar stores. But it doesn't have to be all bad.

Presented by Craig Bass from VendHQ and Shannon Smit & Nadia Hughes, Directors of SMART Business Solutions, here's a taste of what we'll be covering and why you need to get on board the Amazon Express

What you'll get from attending this session

*Using Amazon for your gain
*How to compete with Amazon by not competing with them
*How to use technology to win
*Breakfast

Who Should attend?

*Retail owners and managers
*Business that engage with and service retailers

When: Wednesday 6th September
Time: Arrive from 7 am for a 7.30am  kick off  - finish by 8.30am
Location: Benito's Restaurant, 1196 Nepean Highway, Mornington

FIRST 25 REGISTERED RECEIVE COMPLIMENTARY TICKETS! otherwise tickets are $25 per head but include a wonderful hot breakfast

A healthy cash flow is vital to keeping your business operating optimally. Should a large percentage of your customer's delay, their payments or – in the worst-case scenario – refuse to pay you, your business could be placed in a very difficult position.

Building wealth is not a product, it is a strategy

An event not to be missed:

The 3 Key topics of discussion will be:

1. Australia : As funny as it sounds, is a hidden tax haven

2. There is only one reason you should pay tax - to avoid paying more tax!

3. Recent increased tax exemptions that benefit small to medium businesses