All businesses must now be making super contributions for employees through SuperStream.
Deputy Commissioner of the ATO, James O'Halloran, has made the call that all contributions must now be by electronic methods.
This means bosses are going to have to throw the crusty old cheque book away as far as paying superannuation goes.
As part of SuperStream, businesses need to pay and report their employees' superannuation contributions electronically; allowing payments to be tracked and ensuring contributions are making it to the right place.
If you pay super to multiple funds, SuperStream simplifies this by allowing you to pay and report all contributions in one transaction, with the super contributions automatically transferred to each employee's super fund.
Setting up SuperStream is a one-off task and allows all future payment cycles to be completed in one transaction.
SuperStream is all about simplifying the superannuation system for employers and ensuring employees are receiving their super guarantee payments correctly and quickly.
More than 500,000 small businesses are already paying their contributions using SuperStream, and are seeing real benefits, including less time and a more streamlined and efficient process.
The deadline for businesses to adopt SuperStream has now passed and the ATO will be working with those that haven't yet made the switch to a SuperStream compliant option.
It's easy to become compliant.
If you currently pay super through a default fund or clearing house, it's more than likely you are already SuperStream compliant. If you pay super using payroll software, you'll need to check the version you're using is SuperStream compliant and the ATO has a handy site to check: www.softwaredevelopers.ato.gov.au/SuperStream-certifiedproductregister.
The same goes if someone looks after your super payments for you, like an accountant or bookkeeper, it's likely you are compliant but it's best to speak with them to make sure.
If you are still paying via cheque or another manual method, you need to make the switch to a SuperStream solution now. If you are making payments directly into super fund accounts by EFT or BPAY it is likely you are not yet SuperStream compliant and should speak to your super fund to find out if you need to do anything more.
The initial set up for SuperStream may take some time, but once implemented, your payment process will be more streamlined and simple if you pay to multiple funds.
For more help getting started, check out the ATO's employer checklist.
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