The Australian Taxation office (ATO) strongly encourages small businesses to get on board with SuperStream in the current scenario. With the 30 June deadline looming more than 65 percent of all Australia’s small businesses are already on board with SuperStream.
SuperStream is the standardisation of how employers make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in a standard format and using it is mandatory.
To make a business SuperStream ready, options can be selected including a payroll system that meets the standard, a super funds’ online system, a messaging portal or a super clearing house like the ATO’s small Business Super clearing house (SBSCH). The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less. Presently, the SBSCH has reduced red tape and compliance costs for over 125,000 small businesses.
Completing SuperStream set up and using it prior to the 30 June deadline is very doable, if someone is unable to do it electronically, they may choose to use a third party, such as a bookkeeper or an accountant to pay super using SuperStream.