To make sure employer superannuation contributions are paid in a consistent, timely and efficient manner, the ATO has introduced SuperStream.
The key component of SuperStream is that it is compulsory to make your superannuation contributions online with products that are SuperStream compliant.
The easiest way to become SuperStream compliant is to use software in your business that enables electronic super payments - e.g. Xero Cloud Accounting.
A checklist to help Business Owners published by the ATO can be found here.
If your business has 20 or more employees your cut-off date was 1 November 2015 so you will need to start making these electronic payments ASAP!
If you’re not sure if your business is SuperStream compliant give us a call on 07 3106 3320 or email firstname.lastname@example.org and we can do an assessment for you.
We can also help you implement Xero, an online accounting software, into your business so you can easily make SuperStream compliant superannuation payments for your employees.
For every dollar in tax we save a small business, we give a family in need a days worth of access to life changing help. Here are some of the impacts -