Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Goodbye delays. Hello efficiency. The Australian Government’s superannuation reform will help make everyday superannuation transactions easier, which could save you both time and money.

With more than 100 million transactions per year at an estimated cost of over $3.5 billion, how businesses manage the payment and clearing of superannuation was due for a clean up to improve productivity for businesses everywhere.

The Australian Government’s superannuation reform is called SuperStream with the intention of reducing admin costs, increasing payment efficiency and reducing error by working across data sources aligned with consumer TFNs.

For small business owners, the benefits are significant and the necessary steps to change quite simple. 

Money jar with retirement label attached

What does SuperStream mean for me?
 

For businesses with 20 or more employees

Having a superannuation fund with a SuperStream product is mandatory for all employers making super contributions from 1 July 2015. From this date, you’ll be required to send super contributions electronically.

For businesses with fewer than 20 employees

You have 12 months from 1 July 2015 to make the transition to having a superannuation fund with a default SuperStream option.

Dates for your diary

1 July 2015. The SuperStream transition begins for business with less than 20 employees, it would be wise to begin making your payments electronically so as to realise the benefits sooner – after all, the early bird catches the worm. 

Benefits of SuperStream

The ATO lists the benefits of SuperStream as:

  • Better record keeping for tax or audits
  • A reduction in data mistakes and payment errors
  • One channel that distributes to multiple funds, making it easier to pay super for multiple employees
  • More integration with payroll systems

Getting ready

Getting on top of what you are legally required to do and how to do it is important. As different businesses have different requirements it’s important to plan for your business’ migration to SuperStream.

The options for small businesses are varied:

  1. Use the free Small Business Superannuation Clearing House (SBSCH), designed to make superannuation payment processes easy and totally free – see here for more: SBSCH online superannuation payment service.
  2. Upgrading your current payroll software so that it is SuperStream ready. Check with your current provider if an upgrade is required.
  3. Find a service provider or clearing house who can assist and onboard your SuperStream compliance for you. Consult with your selected super funds for information and access to their clearing house service. 
Getting onto one of these options as soon as possible will help ensure all necessary information is collected and payroll records are updated, helping to make your transition to SuperStream smooth and carefree. 
Looking to find more efficiencies in your business?

Check out our five easy ways to help boost your cash flow here.

Find out moreLooking to find more efficiencies in your business?

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