The Australian Taxation Office (ATO) has introduced SuperStream to solve all of your superannuation queries, saving your salon time and money by allowing you to you to make super contributions electronically; which means all payments can be tracked efficiently and effectively, writes Nouruloyun Borghol.
It’s all about simplifying the superannuation system and ensuring your employees are receiving their super guarantee payments quickly and correctly.
Over 500,000 small businesses are already using SuperStream, and are noticing benefits.
“I don’t have to log into different sites to make different payments – it’s seamless,” shared Victorian salon owner Ange Hopkins. “Processing time is now five minutes rather than 45 minutes… If you’re time-poor, SuperStream is a good thing to do”.
The deadline for businesses to implement SuperStream has now passed; however it’s not too late!
Here’s how to know if you are SuperStream compliant – if you are paying super via a default fund or clearing house, it’s more than likely you are eligible for SuperStream. However if you pay super using a payroll software, you’ll need to check the version you’re using is SuperStream online.
From there, how do you start using SuperStream?
Setting up SuperStream is an easy one-off task which allows all of your upcoming payment cycles to be more streamlined and completed in one simple transaction.
The first step is to choose an option between a payroll system that meets SuperStream standard, your super fund’s online system or a super clearing house. From there simply collect the information and update your records to start using SuperStream.
Not sure what option is best for you? The ATO has created a convenient decision tree to guide you through the process.
Making super simple.
For more information visit www.ato.gov.au/Super/SuperStream