Tick Tock – are you SuperStream ready?

The time for Australian small businesses to switch to the new super standard is fast approaching.

SuperStream – the new Australian superannuation standard – has officially rolled out in Australia for businesses of all sizes.

As of July 2016, companies with 19 employees or less will join larger companies in switching to electronically-made superannuation payments under the ATO’s SuperStream model. For employers, this means super contributions are easier to do and more efficient for everyone.

Now, all contributions are managed online, and in the same way. It’s mandatory for employers to send contribution data to a nominated fund, while 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 an employee’s fund.

Going online – and ditching cheques or other paper-based super contributions – means employers can easily search tax file numbers in the database. Errors are also easily picked up and time fixing errors is reduced.

The ATO’s Superstream system has been rolled out in two stages. Companies with 20 employees or more had until 1 July 2015 to move onto the new database, while businesses with 19 or less employees are currently in the transition period and have until 1 July 2016 to make the change.

Being SuperStream compliant is easy. Call First Super Service Centre to find out more on 1300 360 988.

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.