With only two quarters left until SuperStream becomes mandatory, employers are being urged to cross SuperStream off their ‘to-do’ list ahead of the 30 June 2016 deadline.
It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle! If you haven’t done so already your options to get ready include:
- upgrading your current payroll software
- using your super fund’s online system
- using a messaging portal
- using a clearing house (like the ATOs free Small business superannuation clearing house).
You can also ask your accountant or bookkeeper for help.
An important part of SuperStream preparation is collecting your employees’ TFNs and their funds’ unique super identifiers (USIs). You then enter it into your system ahead of the next quarterly due date on 28 January. This gives you time to check that things are running smoothly before the deadline.
Call our office to get help setting this up on your MYOB or Quickbooks.