The ATO is urging small business owners to adopt the SuperStream standard before the impending 30 June deadline.
SuperStream is a standard for submitting superannuation payments and data electronically. It is especially convenient for employers who make contributions to multiple funds as data is sent electronically from a single channel.
Under SuperStream, employers have a simpler and more consistent way of making contributions across the super system – between employers, funds, service providers and the ATO. One of the key benefits is the reduced time it takes to make contributions, as only one electronic transaction is needed to cover all employees.
Employers have a range of options available to adopt SuperStream, including upgrading their payroll software, using a clearing house service or their default super fund’s portal. To ensure your system is SuperStream compliant, it is best to contact your payroll provider or default fund.