From the 1st July, 2015 employers with 20 employees or more (medium to large) are required to meet SuperStream requirements when sending super contributions on behalf of employees.
So what is SuperStream?
SuperStream is an Australian Government / ATO superannuation reform that aims to improve and standardise the way employers make super contributions into its employee’s chosen super fund.
The change removes many of the complexities employers currently face as a result of funds being able to set up different arrangements for accepting contributions (due to the lack of common standard). SuperStream takes the guess work out of the best way an employer can meet its Super obligations; benefits to employers include:
- A single channel of lodging contribution payments
- Less time spent reconciling employee data issues and fund queries
- Greater automation and reduced costs of processing contributions and payments
Every business has its own challenges in paying and meeting its superannuation compliance and there are many areas to consider such as:
- Frequency of payments i.e. monthly, quarterly;
- Does the current payroll software support / integrate with SuperStream;
- Is it cost effective to process payroll / super in-house or outsourced; or
- Using a Clearing House.
Employers with 19 employees or less have until 30 June 2016 to meet the SuperStream obligations.
As an employer, do you need support in ensuring you meet your SuperStream obligations? Our team of professionals can work with you to support your organisation by reviewing and auditing your current practices and systems and will provide you with a detailed report and action plan on what your organisation needs to do to meet its SuperStream obligations. We will then advice and support you through the implementation to ensure that SuperStream is a seamless transition.
At Integrated Human Resourcing we specialise in small – medium businesses and offer a range of practical employment relations advice, solutions and an overall business partnership.