It has been more than 6 months since the government announced the SuperStream scheme – an initiative aimed at improving the efficiency of superannuation payments for employers. From 1 July this year, employers must make super contributions on behalf of employees by submitting data and payments electronically. If you’re a business owner it’s important you are prepared to implement SuperStream on the date of commencement.

Medium to large businesses 

Employers with 20 or more employees are required to register with one of the following clearing house providers:

• Banks – NAB Super Pay makes it easy for employers to process super contributions
• Industry funds – Australian Super QuickSuper program gives employers the choice of making one payment for all employees (regardless of the super fund they belong to)
• Outsourced payroll service providers
• SMSF software provides
• Accounting software provider

Ensure you have your Australian Business Number (ABN), business details and employees’ details on hand before registering.

Small businesses

The Small Business Superannuation Clearing House – a free online super payments service that helps small businesses meet their super guarantee obligations – requires small businesses with 19 or fewer employees to register with the clearing house. To register, visit https://sbsch.gov.au and follow the instructions provided.

Self-Managed Super Finds (SMSFs)

Some SMSFs are exempt from SuperStream:

• Contributions made from related party employers (i.e. Mum and Dad business) contributing into their SMSF
• If you are self-employed or only make personal tax deductible contributions to your SMSF

For further information on how to prepare your business for the changes to super visit https://www.ato.gov.au/Super/SuperStream, or for help implementing SuperStream in your business contact any member of our team.