Published on Jan 18, 2016
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Time is running out for businesses to get on board with new changes to the way superannuation must be paid.
The next quarterly due date of 28 January is fast approaching, so it is recommended businesses start using SuperStream as soon as possible to avoid any unwanted issues come June 2016 when it becomes mandatory.
- If you have fewer than 19 employees your business must be utilising SuperStream to pay employee superannuation by 30 June 2016.
- If you have 20 or more employees you should have already been using SuperStream since 31 October 2015.
To set up SuperStream, you’ll need your employees’ tax file numbers (TFNs) and their funds’ unique super identifiers (USIs). Superannuation payments regardless of fund or employee, can be paid in a single transaction taking only minutes once the streamlined process is set up.
Some businesses have saved up to 70 percent of the time they were taking to pay super. It also means employees reduce risk of lost super accounts and unclaimed money.
You don’t need to use SuperStream for:
- contributions to your own self-managed super fund (SMSF) (ie if you’re an employee of your family business and your super guarantee contributions go to your SMSF)
- personal contributions – for example, if you’re a sole trader and you contribute to a super fund for yourself.
For more information on how to get on board with SuperStream or your super obligations: https://www.ato.gov.au/super/superstream/employers
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