Understanding Super Stream

by | Sep 26, 2017 | SMSF Accountant | 0 comments

How to effectively use SuperStream

Providing a range of Tax and Accounting services to the Parramatta and surrounding areas, let the professionals at Key Business Accountants help you to keep your business running smoothly.

At Key Business Accountants Parramatta, our expert team specialise in the current business software, including SuperStream, and can help you to understand, install and operate its sophisticated systems.

SuperStream software has been highly recommended by the Federal Government, as it offers a consistent, timely, and efficient method for employer’s to make super contributions. SuperStream’s simplified system electronically links superannuation data and payment details, and provides an easy shortcut for employers to manage their superannuation commitments.

The benefits of using SuperStream, include:

  1. Standardised processing
  • Save time – Adopting data and payments standards can result in more automated and timely transactions processing.
  • Lose fewer accounts – Reducing the number of multiple member accounts will decrease administration fees and the risk of incorrect enrolment in funds with multiple accounts.
  • Improving data quality – By reducing the use of manual payments (cheque) and data transfers (paper forms), you can decrease issues related to delays and costs from duplicated or lost accounts.
  1. Timely information
  • Improved reporting – Provide better superannuation payment information to employees, such as the amount and timing, which will assist in preventing confusion and ensuring that the correct contribution allocations are processed.
  • Accessibility – As Superstream is a secure Government initiative, employees will be able to monitor and track their contributions.
How to prepare your business for compliance to the standards:

Step 1. Collect your employee information and understand the changes.

Required Information

Type of Fund

Tax File Number (TFN) All Funds
Fund ABN All Funds
Unique Superannuation Identifier APRA Regulated Funds only
Bank Account Details SMSF only
Fund Electronic Service Address SMSF only

 

Step 2. Determine your transition timeline

Number of employees

Current ATO compliance requirements

Medium to large employers

(20 or more employees)

Medium to large employers should have implemented the standards by 30 June 2015.
Small employers

(19  or fewer employees)

Starting from 1 July 2015, small employers should have commenced implementing the standards and will have until 30 June 2016 to meet the requirements.

 

Step 3. Explore contribution payment methods

There are 4 options with regards to how the payment can be made:

  1. Super funds
  2. Super clearing house
  3. Payroll system
  4. Accountant or bookkeeper.

Overall, the SuperStream system has been designed to make superannuation contributions and management quicker, simpler and easily accessible.

To find out more about your compliance obligations or learn how to use SuperStream, please  call us on 1800 979 888.

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