The deadline for small businesses to be SuperStream compliant is drawing near
The next due date for quarterly SGC super contributions is 28 October 2016 and you need to be SuperStream ready to make this contribution.
What Are The New Requirements?
- Under the new SuperStream system, the contribution information and the payment must be submitted electronically. Cheques will no longer be accepted as a method of payment.
- The law also requires the contribution information and the payment to be sent on the same day.
You do not need to use SuperStream for:
- contributions to your own self-managed superannuation fund (SMSF) eg. if you’re a related-party employer (ie. if you are an employee of your family business and your super guarantee contributions go to your SMSF)
- personal contributions eg. if you are a sole trader and you contribute to a super fund for yourself
Am I ready?
There are various options to pay your super. These include:
- Use of a clearing house. This is a service that accepts the total contribution and payment from you and distributes to the individual employee’s super funds on your behalf. Most large super funds have clearing houses. Some funds’ clearing houses are available to all employers regardless of their employee’s funds.
- A payroll or accounting software that produces the data in the right format. Some produce a file that can be uploaded to the clearing house. Some have their own clearing houses that will also process the payment.
- There is also an ATO Small Business Clearing House available for small businesses with 19 or fewer employees.
To be ready for the 28 October 2016 deadline, you should have:
- Chosen your method of submitting the contribution information. Check with the funds you currently use, they may have a clearing house available.
- Chosen your method of electronic payment. This can be EFT or BPAY either through the super fund clearing house website or through your internet banking. If you do not have internet banking other options may be:
BPAY over the phone
Clearing house initiated funds transfer
Over the counter at your bank
- Collected the super fund information for each employee and set up the payroll software or clearing house.
Should you have any questions, or if you would like to discuss your options please contact your Roberts & Morrow or Plante Davis advisor.