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Are you SuperStream ready?

Are you SuperStream ready?

The Australian Taxation Office (ATO) is reminding employers with 19 or fewer employees, that they have until 30 June 2016 to get ready for SuperStream.

With only two quarters left until SuperStream becomes mandatory, the ATO is urging employers to act prior to the deadline.

The ATO reports that “it takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle!”

Options to get ready for SuperStream include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATOs free Small business superannuation clearing house).

An important part of SuperStream preparation is collecting employee TFNs and their funds’ unique super identifiers (USIs).

To assist small business to get SuperStream ready, the ATO is conducting a series of free webinars that are designed to help employers understand SuperStream and the steps necessary to prepare.

The next scheduled webinar will be held on Wednesday 10 February 2016 at 3:00pm.

Places are limited. To register for a SuperStream webinar, visit the ATO website.

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