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Are You SuperStream Ready?

Article By Adam Hurwood | | Accounting & Tax
There are less than 100 days to become SuperStream ready. Are you on board?

SuperStream is the standardisation of how employers make super contributions on behalf of their employees. This process involves employers sending all super payments and employee information electronically in a standard format.

Here are the facts:

• All employers, including small businesses (less than 19 employees), must meet the SuperStream standards by 30 June 2016.
• All contributions can be made in a single transaction, even if they are going to multiple super funds.
• There is the option of using the Small Business Superannuation Clearing House which is a free optional service for small businesses, as well as those businesses with an annual aggregated turnover of less than $2 million.
• Many online accounting packages can assist in the ongoing management of superstream compliance. To find out more please contact one of our qualified Accountants who will be more than happy to assist you.

Self Managed Superannuation Funds (SMSF)
• Your SMSF must be eligible to receive employer contributions and the associated data electronically using the SuperStream standard. To do this the SMSF must obtain an Electronic Service Address (ESA) to receive the contribution data.
• All SMSF’s must provide the employer with the SMSF’s ABN, bank account details and ESA.
• Your SMSF does not need to use SuperStream if the SMSF does not receive any employer contributions, or the only employer contributions are from a related party employer.
Although 30 June is fast approaching, it isn’t too late to ensure you are SuperStream compliant. Contact one of our qualified Accountants who will be more than happy to assist you.