ATO and SuperStream Compliance

The Australian Taxation Office has extended the SuperStream compliance deadline from 30^th June to 28^th October 2016 for small businesses.

To recap, SuperStream is electronic payments for super that pay many funds in one transaction.  All that is needed from your employee is:

• Tax file number
• Employees super fund ABN
• Unique super identifier (UNI) which identifies each specific employee and their fund. (This information can be found on employee’s latest Superfund statement or by calling their fund direct).

For employee’s with an SMSF the information needed is slightly different:

• Tax file number
• Super funds ABN
• Super Fund bank account details
• Super funds electronic service address (This is their URL or IP address-not email address)

If you only pay yourself or a related SMSF you do not need to use SuperStream.

Businesses with 19 or fewer employees can breathe a little easier now that the extension date has shifted, however businesses with 20 or more employees must already be using SuperStream.

For more practical business advice follow this link.

All employees details are to be entered into the payroll system using a software package that is SuperStream ready.  Some software may need to be updated.

Basically, SuperStream is designed to:

• Cut time for employers when making super contributions as all payments are made in one transaction
• Be more efficient with less room for errors
• Provide reliability around linking people with their super
• Reduce unclaimed money

TJD Accounting Services Pty Ltd

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