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SuperStream deadline is coming up for SMEs

Friday, June 10, 2016

Are you running a business with 19 or less employees? If so, you have until the end of this financial year to start using SuperStream – an initiative designed to simplify payment of super contributions by employers.

SuperStream means you’ll only need to make one transaction electronically, which will cover all of your employees’ superannuation contributions. The system is definitely a good move, making the process much easier and more efficient for employers.

If you have 19 or fewer employees, you qualify for free use of the ATO Small Business Super Clearing House (SBSCH), which allows you to pay all employee superannuation contributions at the one time.

How it works

You register employees’ superannuation fund details with the SBSCH
You make an electronic transaction to the SBSCH consisting of the total of super contributions for the period
The SBSCH will distribute the super contributions as instructed

And just like that, your super obligations are taken care of.

If you have any questions about SuperStream, we’d be happy to provide you with more information. Feel free to get in touch by emailing info@swagbookkeeping.com.au or call 1300 58 40 50.

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