Are you using SuperStream yet? The extended deadline for businesses with less than 20 employees to start using this ATO system is 28 October. Cbus provides a guide to help you get started.
What is SuperStream?
SuperStream is a standard for processing superannuation data and payments electronically. Under SuperStream, all businesses must pay super contributions for their employees electronically (via EFT or BPAY) and send the associated data electronically.
The deadline for small businesses (with less than 20 employees) to be using SuperStream was 30 June 2016. However, the ATO provided ‘flexibility’ until 28 October 2016 for businesses that were not yet SuperStream ready, meaning they haven’t taken any compliance action against small businesses that missed the 30 June deadline. Large businesses should already be using SuperStream.
The 28 October deadline
To avoid fines or penalties from the ATO, all businesses must be using SuperStream by Friday 28 October 2016.
How to Use SuperStream
Here is a simple 3-step guide to help you become SuperStream-ready by the upcoming deadline:
Step 1: Choose your SuperStream option
If you’re already paying super electronically, you may only need to refine your system to send the contribution data in the standard SuperStream format. You can use a payroll system that meets SuperStream standards, your super fund’s online system, or a super clearing house system. Check with the super fund you currently pay into to see if you’re OK as you are, or if you need to change. An accountant or book keeper could also confirm this for you.
Step 2: Collect the additional information from employees and update your records to match the SuperStream requirements
To use SuperStream, you’ll need to collect some new information from your employees in addition to the information you already use to pay super. Once you have this information, enter it into your system, along with the other details you use to pay super, and you’re ready to use SuperStream.
You only need to collect this information for current employees. The ATO website has more information.
Step 3: Use SuperStream for your next super contribution payments to employees
Start using SuperStream as soon as possible, it’s up to you as a business to meet your superannuation obligations by the already-extended deadline of Friday 28 October 2016.
Cbus and SuperStream
Cbus has two online payment options, both of which are SuperStream ready and simple to set-up and use. Regardless of where your employees want their super paid into, Cbus has a payment solution. To understand your options, get in touch with Cbus Super.
An ACA National Corporate Partner, Cbus is the industry super fund for the construction, building and allied industries. ACA members get access to Cbus products and services. The Cbus Business Development Managers can help ACA members with their businesses super needs, including supporting transition to an approved SuperStream system.