30 June 2016 is the cut off date for small business employers (i.e. those with 19 or fewer employees) to become part of the SuperStream system.
SuperStream requires employers to pay all their superannuation contributions and send employee information electronically.
To assist these employers, the ATO has provided a checklist which contains a step by step guide on what is required. The ATO has also released webinars to assist these employers to understand their SuperStream obligations.
The 3 steps involved are:
Step One – Choosing an option for SuperStream. This can be via a payroll system (e.g. Xero, MYOB), super clearing house, messaging portal or your super fund’s online system.
Step Two – Collect information and update your records to ensure that your employees details are up to date, including their TFN, fund ABN, fund USI or for SMSF’s fund bank account details and ESA.
Step Three – Start using SuperStream as soon as possible.
See the below link for more information on the 3 step guide.
Employers with 20 or more employees should already be complying with SuperStream, the deadline for these businesses was 31 October 2015.
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