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June 7th, 2015
Superannuation payments need not be filed in the ‘too hard’ basket. First Super’s Clearing House helps put them into the ‘can do’ tray.
Chances are you’ve heard of SuperStream. SuperStream was introduced in 2014 as part of Government reforms to superannuation. As the name implies, SuperStream aims to streamline superannuation payments by making sure employers pay them electronically.
This means all contributions, whether they are being sent to a default or choice fund or even a SMSF, are managed in the same way. Contribution data is sent electronically to the Fund and the payment is sent electronically through the banking system. SuperStream ensures the message and payment are linked by a payment reference number so they can be reconciled by the Fund.
Important dates for SuperStream compliance are approaching. Employers with 20 or more employees have until June 30, 2015 to be compliant, while those with less than 20 employees have until 30 June 2016.
If you are medium to large employer with 20 or more employees who has not set up SuperStream, you can rest easy. The ATO has recently announced it will be flexible with employers making a reasonable attempt to meet their obligations. This includes having documented implementation plans, including a proposed start date. The ultimate deadline for large and medium employers to be fully SuperStream compliant has been extended to October 31, 2015.
Being SuperStream compliant is easy with First Super’s Clearing House. Here’s what you need to know about our Clearing House and why it makes super contributions easier than you ever thought they could be.
First Super’s Clearing House takes the hassle out of complying with SuperStream. Forget about expensive upgrades to your payroll software or outsourcing payroll duties.
Our Clearing House is fully compliant with SuperStream standards and is suitable for all types of businesses. Employers can be confident their business and employees’ private information remains secure.
The First Super Clearing House offers a simple solution to SuperStream compliance. By allowing employers to upload contribution data directly from their payroll system, superannuation payments can be sent quickly and easily. It’s available to use anytime, anywhere with internet access.
Click here to find out more about First Super’s Clearing House.
“The help and support I received in organising the Clearing House was fantastic. First Super were very helpful! I was really daunted by the prospect of the changes to making superannuation contributions on-line via a clearing house. First Super made it as easy as possible for me. Making contributions on-line through the First Super Clearing House is easy.”
Alison M. Whiteheads Timber Sales Pty Ltd
This publication was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of the First Super superannuation fund (ABN 56 286 625 181). It does not consider your personal circumstances and may not be relied on as investment advice. Content was accurate at the date of issue, but may subsequently change. You should contact us on 1300 360 988 for updated information and to obtain a copy of the product Disclosure Statement.
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