Are you SuperStream Ready?
The ATO has implemented a new compliance requirement which affects how businesses reports and pays for their employee superannuation contributions, known as SuperStream. SuperStream is a new standardised reporting format for employers where they can report and process superannuation contributions payments electronically through one platform. This new format eliminates the need to report and pay to the various super funds held by employees.
The ATO has been initiating this update to ensure that all Large and Medium businesses entities are SuperStream compliant by 31 October 2015. The deadline for all Small Business Entities (SME) was on the 28 October 2016.
There are multiple ways to register for SuperStream:
- If you currently use a bookkeeping program which has a payroll function (such as MYOB, QuickBooks or Xero) or use any other payroll program designed for the Australian market; they should all now be SuperStream compliant. Please refer to the program’s guidelines to set up SuperStream reporting; or
- Most retail and industry super funds have online payment services or a clearing house which is SuperStream compliant. Please check with your superfund if this option is available; or
- You can register to report and pay through the ATO’s Small Business Super Clearing House. This is a free online service which provides a SuperStream compliant solution. You can access the service at https://www.ato.gov.au/sbsch
If you only make super contributions to yourself, spouse or contributions to a related Self-Managed Super Fund, then you do not need to use SuperStream.
If you have any questions on how to become compliant, please contact our office on 03 8080 1525.