SuperStream

Back to News
Small BusinessSMSF & SuperannuationTax time / planning

SuperStream deadline is approaching

Get started now so you are ready by 30 June
If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.

All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.

If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.

Watch to see how SuperStream makes
super simple for employers

 The ATO have provided this checklist in assisting you with all you need to know about SuperStream
 Please contact us if you have any questions about SuperStream

superstreamAre you an employer with less than 20 employees? Have you registered for SuperStream?

As at 30 June 2016 it will be compulsory for you to comply with the ATO’s new SuperStream standard for superannuation payments.

growth iconWhat is SuperStream?

SuperStream will require employers to lodge and pay superannuation electronically.

The ATO advises this system, through its standard format, will allow greater consistency between superannuation funds, employers, employees and the ATO.

It will allow for contributions:

  • to be made in a single transaction
  • processed faster, more efficiently & with less errors
  • to be more reliably linked to employees accounts & reduce lost super
house n car iconSuperStream requirements

Ensure your superannuation process is compliant – Superannuation contribution data and payments can be made through a compliant payroll system, your super fund’s online system, a super clearing house or a messaging portal.

Collect new information & update records – Ensure you have the following information for existing employees:

  • tax file number
  • super fund ABN
  • super fund USI

Ensure new employees complete a super standard choice form

Make SuperStream contributions

It is recommended that you make your first SuperStream contribution prior to 30 June 2016 to ensure your system is correct and compliant.

information iconMore information

ATO will be hosting free webinars to help employers understand SuperStream and the necessary steps to help prepare for the change. The webinars will run from 10 February 2016 to 1 June 2016 and you can register here.

Alternatively, you can listen to a recorded webinar and access the presentation here.

If require assistance or would like to discuss SuperStream with an accountant, contact Optima Partners today!

andrea-small1

 

 

ANDREA ALLEN

ACCOUNTANT – OPTIMA PARTNERS

 

Optima Partners offers support to all businesses. Whatever your requirements

For more information on how Optima Partners’ services can help your business, contact the team at info@optimapartners.com.au for a consultation.

Latest News

Debt enforcement, payday super headline ATO’s 2025-26 plan
The Australian Taxation Office (ATO) has released its 2025-26 corporate plan, outlining key priorities, challenges...
Official Statement – Phishing attempts
We are aware that some clients have recently been receiving fraudulent emails and phishing attempts...
Effective strategies for debtor management
Debtor management is a key component of long-term business success. Poor debtor management can quickly...
Choosing the Best Client Accounting Software for Your Business
Good client accounting software is essential for business growth and improvement. The right software will...
Key Dates – September 2025
September 21: Lodge and pay August monthly activity statement. September 30: Lodge PAYG withholding payment summary...
SMSF property investment: A comprehensive guide
For many investors, a popular way to invest directly in residential or commercial property is...
Super tax still on the table after first parliament session
The first sitting fortnight of the 48th Federal Parliament shed little light on the fate...
Capital gains tax in Australia: what you need to know before you sell assets
Capital gains tax (CGT) in Australia applies when you sell certain assets. Understanding the consequence...
Key Dates – August 2025
August 11: Q4 (April–June) activity statements lodged electronically – final date for lodgement and payment....
Small business tax deductions in Australia: what you can and can’t claim
The small business sector is the backbone of the Australian economy, representing over 95% of...