In its bid to streamline the processing of transaction for superannuation funds, the ATO has introduced SuperStream. The main aim of SuperStream is to ensure employer superannuation contributions are paid in a consistent, timely and efficient manner.
The key component of SuperStream is that it is compulsory to make your superannuation contributions online with products that are SuperStream compliant. The easiest way to become SuperStream compliant is to use software in your business that enables electronic super payments.
When does my business need to become SuperStream compliant?
If you are running a business with 19 or less employees, you have until 30 June 2016 to be making your employer superannuation contributions electronically. If your business has 20 or more employees your cut-off date was 1 November 2015 so you will need to start making these electronic payments ASAP!
How we can help you
If you're not sure if your business is SuperStream compliant let us know and we can do an assessment for you. We can also help you implement Xero, an online accounting software, into your business so you can easily make SuperStream compliant superannuation payments for your employees.
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