If you’re a salon owner dreading the mundane process of paying superannuation contributions, you’re in luck. There’s a new system in place that makes the whole activity easier, quicker and actually bearable.
SuperStream, designed for small businesses with 19 or fewer employees, is a new, electronic, streamlined process with which to pay super contributions. Under this new system, which came into effect in July this year, those responsible for paying super contributions will be able to pay multiple funds through one channel. Since its inception, 350 000 employers across the country, and 250 000 small business employers, have come on board.
“SuperStream is definitely an easier way to make payments that has reduced super processing
time,” said Ange Hopkins, salon owner of Melbourne’s Cherry Bomb Hairdressing and SuperStream convert. “I don’t have to log into different sites to make different payments – it’s seamless. Processing time is now five minutes rather than 45 minutes… If you’re time-poor, SuperStream is a good thing to do.”
The Australian Taxation Office (ATO) is doing more to assist the hair and beauty industries in particular, by sending important information to registered business owners by text and email, contacting industry associations and hosting a webinar about the new process on November 17th. (You can register for that here).
“We’re already hearing positive feedback from those that have already implemented SuperStream. Employers who previously had to make contributions to multiple funds are telling us what used to take hours has now been reduced to minutes,” shared Philip Hind, the ATO’s National Program Manager for Data Standards & Ecommerce. Philip encouraged salon owners to get in touch with their service provider, in order to become SuperStream compliant by the deadline in June next year.
By the ATO’s count, there are 13, 553 salons with 19 or fewer employees who need to become compliant with SuperStream by the deadline. If you’re one of them, set November 17th aside and sign up soon.
Anything that speeds up the tax process is a big tick with us.
For more information visit www.ato.gov.au/Super/SuperStream/