By now most businesses would know about Superstream, the online way to manage and pay for your staff superannuation entitlements. Until now only larger businesses were impacted, but from 28 October 2016 small businesses with 19 or fewer employees must also be using Superstream to manage their records and payments. The deadline was extended from 1 July because of the significant number of SME’s who had yet to register for the Superstream service.
In using Superstream, you will pay super and send employee information electronically. Some businesses may already be doing this, so it may only be a small adjustment to refine the way you send your data to match the standard format. You can do this through:
- A payroll system which meets the Superstream standard (Xero already complies)
- Your superfund’s online system
- A super clearing house or
- Through a messaging portal
To ensure you’re Superstream ready, you’ll need to ensure you have collected the right information from your employees in addition to the information you already use to pay their super.
You will need:
- Employee tax file numbers
- Fund ABN
- Fund unique superannuation identifier (USI)
If your employees have a self managed superfund they need to give you:
- Employee tax file number,
- Fund ABN,
- Fund bank account details
- The electronic service address.
Xero has also released information on how to get your Xero software ready for Superstream:
If you had setup your employees prior to November 2014 – there are some changes you need to make in Xero. This blog discusses this, or alternatively, you can contact us for assistance.
The ATO have a step by step employer checklist at this link: https://www.ato.gov.au/Super/Superstream/Employers/Employer-checklist–a-step-by-step-guide/
There are also a range of webinars available at this link: https://www.ato.gov.au/Super/SuperStream/In-detail/Education-and-consultation/SuperStream-employer-industry-webinars/
The ATO have also posted a great FAQ article on Superstream which should answer most questions. You can find it at this link: https://www.ato.gov.au/Super/SuperStream/Employers/Employer-SuperStream-FAQs/
If you’re uncertain of your obligations or how to get started, please contact your team at Evolve to discuss.