Running your own business?
Use SuperStream to cut super admin by 70%
Did you know that SuperStream is cutting the time small businesses spend on super administration by around 70%?
With 2016 on the horizon, the Australian Taxation Office (ATO) is encouraging small businesses to cross SuperStream off their ‘to-do’ list ahead of the 30 June deadline and reduce time spent on super administration.
With only two quarters left until SuperStream becomes mandatory, now is the time for small businesses to make the change and ensure their system is running smoothly before the deadline.
According to the ATO, over a quarter of a million small businesses have already adopted SuperStream. Once set-up, SuperStream is reducing the time they spend on super by around 70%. Depending on the size of the business, this means saving anything from about 1.5 hours to a whole day’s effort each payment cycle.
If December and January mark quieter periods for your business, now is a great opportunity to check that your SuperStream option is ready, whether that be your payroll software, your super fund’s online payment system, or a clearing house, like the ATO’s Small Business Superannuation Clearing House. You can also ask your accountant or bookkeeper for help.
Importantly, you should collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) – and enter it into your system ahead of the next quarterly due date on 28 January. That way, you have time to check that things are running smoothly before the deadline.
Your employees can find their fund’s USI on their super statement or by calling their fund. You can also find these details using the ATO’s Super Fund Lookup website.
If you aren’t sure how to prepare for SuperStream, you can visit the ATO’s online employer checklist. You can also ask your accountant, bookkeeper, payroll provider, clearing house or super fund for help.
The ATO provides the following links to help small businesses get ready: