Processing everyday superannuation transactions will become easier for employers, thanks to SuperStream. Source: Timberbiz
SuperStream is an ATO’s initiative aimed at providing a safe, secure and more reliable way of processing everyday transactions, such as employee data and payments to super funds via an electronic payment and standardised data system.
Under SuperStream, employers will be able to use one central hub for dealing with super funds – irrespective of how many super funds employees contribute to.
The streamlined service may mean less time spent dealing with employee data and fund queries, reduced cost of processing contributions and payments through greater automation; and more timely flow of information and money in meeting super obligations.
Employers should be getting SuperStream ready now.
Employers with less than 20 employees have until 30 June 2016, while those employers with 20 or more employees should already be using the new data standard for paying contributions.
Further information about SuperStream can be found on the Australian Taxation Office (ATO)’s website: ato.gov.au/super/superstream
Being SuperStream compliant is easier with First Super’s Clearing House as it is fully compliant with the ATO’s SuperStream standards and is suitable for all types of businesses. Employers can be confident their business and employees’ private information remains secure.
There’s no need for new payroll software.
The First Super Clearing House offers a simple solution. By allowing employers to upload contribution data directly from their payroll system or via Excel, super payments can be sent quickly and easily. It’s available to use anytime, anywhere with internet access.
To sign up or learn more about First Super’s Clearing House call the Clearing House Specialist Team on 1300 360 988 or visit firstsuper.com.au/clearing
This article was issued by First Super as Trustee of the First Super superannuation fund for more information call 1300 360 988 and to obtain a copy of the Product Disclosure Statement.