Did you know employers typically spend at least 50-100 hours a year sorting out super contribution issues? Many employers are still paying their super funds by cheque.
The federal government has introduced new requirements for superannuation lodgement as of 1 July 2015. SuperStream is a new way of making super contributions electronically with the aim of saving you time and money.
SuperStream is compulsory and available now. If you have 20 or more employees you must be compliant by 30 June 2015. If you have 19 or fewer employees you must be compliant by 30 June 2016. We recommend, regardless of your organisation size, that you switch to SuperStream as soon as possible.
So… what do you need to do?
- First, check how you currently make your super contributions – you may already be compliant.
- If you have 19 staff or less consider the Small Business Superannuation Clearing House (SBSCH). Once set up, this is a simple no cost solution and a great time saver. For more information on this go to www.ato.gov.au/sbsch.
- If you have 20 staff or more, we recommend a couple of options:
- Contact your accounting software provider to find out how they can set you up to lodge through them. You will need to update to the most recent version of the software to do this.
- Contact your preferred super fund to see what they can provide. As an example HESTA provide the QuickSuper Clearing House, a free service for HESTA employers similar to the SBSCH but for 20-plus employees. The bonus is that your staff do not all have to be with HESTA. Full details can be found at http://www.hesta.com.au/employers/superstream.html.
For more information run through the ATO’s employer checklist at: www.ato.gov.au/superstreamchecklist.