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:
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:
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!
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
