SuperStream: Making Super Simple For The Road Freight Industry
Release date: 2/12/2015
Are your employees all with the same superannuation fund? If not, you know all about paying contributions to multiple accounts. The ATO’s new SuperStream standard will save you hours of paperwork.
What is SuperStream?
SuperStream is a new electronic process that enables business owners and managers to bundle all employees’ super payments and employee information into one electronic transaction – saving time and money.
SuperStream set up will require some initial effort however, once complete, it is simple to use each reporting period.
How do I implement SuperStream?
- Ask employees for required information. You’ll need their tax file numbers and a ‘unique super identifier’ from their super funds
- Make a decision as to how you’ll access SuperStream: your fund’s online system, a super clearing house or your payroll system
- Enter employees’ information into the system
- Use SuperStream to pay super.
What are the benefits?
SuperStream will simplify the way you pay your superannuation. Though the initial set-up may take some time, it will ultimately save you time and money by making the superannuation payment process more efficient.
Once you have input your employees’ information, you will be able to make all your super contributions at once in just a few clicks. In fact, some employers have told us SuperStream has cut down super admin time by around 70%, saving around 1.5 hours per payment cycle.
Here are some comments from road freight and transport business owners who have already adopted SuperStream:
When do I have to be ready?
If you have 19 or fewer employers you must be using SuperStream by 30 June 2016 however now is the time to get ready.
Those with 20 or more employees should be SuperStream-ready now.
Using SuperStream is now mandatory with over 350,000 employers nationwide, including 250,000 small employers, already making the switch and experiencing the benefits.
SuperStream really is making super simple.
For more information
Phone: ATO Super Advice Hotline 13 10 20 (8am - 6pm, Mon - Fri, except public holidays).
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