Employers, are you ready for SuperStream?
Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. Here’s what you need to do.
1. Choose a SuperStream option –
You can choose either to use a clearing house or payroll option that is compliant. Ask your accountant or bookkeeper to help you with this;
2. Collect information and update your records such as:
– employee tax file number
– fund ABN; and
– unique superannuation identifier
If your employee uses a SMSF, they must also provide
– fund bank account details; and
– fund electronic service address
3. Start using Superstream as soon as possible.
Start using SuperStream as soon as possible.
Employers with 19 or fewer employees should be SuperStream ready by 30 June 2016 (larger employers should already be using SuperStream).
However, we recommend making your first SuperStream payment no later than May 2016. This will give you time to make several payments and ensure your system is running smoothly before the 30 June 2016 deadline.