Come the end of financial year, it’s certainly commonplace that business owners find themselves with a new set of requirements to adhere to. But with all the daily goings on in your business, and the long list of things to take care of before the end of financial year, you can be forgiven for overlooking crucial changes from the tax office.
By June 30 this year, all businesses must be using SuperStream, a standard for processing superannuation data and payments electronically. This is a significant change that most businesses aren’t aware of.
What exactly is SuperStream? It’s a government initiative being carried out by the Australian Tax Office (ATO), aiming to improve the efficiency of the super system.
The Federal Government is aiming to streamline and standardise how businesses pay their employees’ super contributions. By mandating electronic submissions, SuperStream is expected to create efficiencies that could benefit everyone in the long term.
And it’s certainly got the potential to make business owners lives easier. Previously, employers have had to process super contributions into various funds in different formats. Through SuperStream, employers don’t need to make individual payments to every super fund for every employee. It’s now as simple as making one electronic transaction to a super clearing house or payroll provider.
For smaller businesses who fear this service might cost them more to manage, the Government has established the Superannuation Clearing House. It’s a free software product available to businesses with 19 employees or less and an annual turnover of less than $2 million.
If you’re unsure of your requirements or simply want to take the stress out of transitioning to the new system, give FAB a call and we can help you through the entire process, making sure you’re doing everything you’re required to do. It’s a simple as dialling 1300 541 777 or sending us a message via our contact us page.