Super Stream is a new way of paying super and sending employee information electronically in a standard format.
More than 60% of all Australia’s small businesses are now using SuperStream.
Employers who haven’t yet adopted Super Stream due to a lack of time should be assured by figures indicating that employers who are using Super Stream have reduced the time they spend on super by an average of around 70%, each cycle.
There are different solutions to suit every business.
Small businesses can use a third party, such as a bookkeeper or accountant, to make super contributions electronically using Super Stream.
Default fund’s online payment system, payroll software or a clearing house, such as the ATO’s free Small Business Superannuation Clearing House can also be used.
The next quarterly super payment cycle is due in April and this is a good opportunity for businesses to start using SuperStream.
By taking action now employers will have a chance to test their SuperStream solution and ensure things are running smoothly and eliminate any stress around 30th June.