SuperStream – Time Is Running Out!

SuperStream deadline is drawing closer. Do you need help to be ready? - image
SuperStream deadline is drawing closer. Do you need help to be ready?

Are you SuperStream ready?

With only two quarters to go until SuperStream becomes mandatory, if you are an employer, then I urge you to prioritise crossing SuperStream off your actionable items list well before the 30 June 2016 deadline.

Does SuperStream apply to me?

SuperStream is mandatory for all employers making super contributions, APRA-regulated funds, and SMSFs receiving contributions.

As an employer, what do I need to do?

If you haven’t taken these steps already, your options to comply with SuperStream include:

  • upgrading your current payroll software
  • using your super fund’s online system
  • using a messaging portal
  • using a clearing house (like the ATO’s free Small Business Superannuation Clearing House).

What employee information will I need to be able to make contributions using SuperStream?

To be well prepared for SuperStream you will need the following details regarding your employees:

  • their Tax File Numbers and
  • their funds’ unique super identifiers (USIs).

You then enter this data into your system ahead of the next quarterly due date on the 28 April. This will give you ample time to check that everything is operating correctly before the deadline.

If you require any assistance with preparing for SuperStream, please contact our accountants at W Wen & Co’s Epping office.

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