This is a guest blog post from our partners at Energy Super.
If you haven’t already got up to speed on the SuperStream changes, your obligations as an employer and how you will implement the required changes – now is the time. Although, the deadline for implementation is still some months away for small businesses, you will need to allow yourself time to establish new systems and processes.
A reminder of the deadlines
If you have 20 or more employees, SuperStream was applicable on 1 July 2014 with the requirement to have a firm plan in place to implement no later than 30 June 2015. If you’re a small business with less than 20 employees SuperStream applies from 1 July 2015 (but if your provider is ready you can start earlier and experience the benefits sooner).
Some small businesses and employer groups have already begun to implement the new SuperStream data standards when making super contributions, if you are still yet to do so, here are some tips to help you get SuperStream ready.
Tip 1: Understand what SuperStream means for you.
SuperStream is designed to improve the efficiency of the superannuation system by introducing a new way to make super contributions to super funds on behalf of your employees in a standardised electronic format. This means that you will need to ensure that you have a compliant technology solution in place or outsource your superannuation process you are able to meet your obligations.
Learn more about SuperStream and your obligations
- Read our SuperStream fact sheet
- Watch the ATO’s SuperStream for employers video to see how other businesses are meeting their obligations.
- Refer to the ATO’s Employer frequently asked questions.
Tip 2: Know and explore your options
As an employer you can either use a software solution that is SuperStream compliant or work with a service provider to meet the new SuperStream standards.
There are many ways that you can make SuperStream contributions, so it's important that you find a solution to suit your business and your payroll process.
In order to do this, it's important to firstly review how your business currently makes super contributions. Your current provider may be able to assist , otherwise there are number of different options to explore. For example you may consider (please not this is not an exhaustive list); Upgrade or replace your payroll software.
- Outsourcing your payroll function
- Upgrading or replacing your payroll system
- Using a clearing house (Energy Super can help you meet the new data and payment requirements through our clearing house “QuickSuper”).
Remember, it’s your responsibility to comply not your service providers so it’s crucial that you know your obligations. Make sure you ask how your service provider is complying with the SuperStream requirements. If in doubt speak with your Energy Super Fund Services Manager – call 1300 4 ENERGY (1300 436 374).
Tip 3: Plan to start using SuperStream
It’s important that your business has a firm plan in place to implement SuperStream. You will need to, amongst other things, set your target start date, start collecting new data and update your payroll records.
The ATO has a handy employer checklist with nine simple steps to follow to get ready for SuperStream available. Click here to view the list.
Tip 4: Seek help
We’re committed to supporting your business as you transition to SuperStream. Call 1300 4 ENERGY (1300 436 374) to speak with your Energy Super Fund Services Manager about SuperStream and how it affects your business.