Attention all Geelong Employers with less than 20 employees! - Are you ready to meet your SuperStream obligations with the Tax Office?
5 key things to know about SuperStream include:
1. What is SuperStream?
- Under SuperStream, employers need to pay super contributions for their employees electronically and send the associated data electronically in a ‘standard format’.
- SuperStream allows an employer to make a single payment for their employer super contributions on behalf of employees even if the super contributions have to be spread across different super funds.
2. Why a standard format for electronic payments?
- A standard format for electronic payments will enable electronic payments to be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office.
- The standard format allows employers to make all their contributions in a single transaction.
3. What is the key are the advantages?
- Super 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.
4. When does it take effect?
- Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016.
- Larger employers should have been using SuperStream since 31 October 2015.
5. When should small employers start making their SuperStream payment?
- The Tax Office recommends making your first by March 2016 to give employers time to make several payments and ensure your system is running smoothly before the 30 June 2016 deadline.
