WMC Accounting, Geelong, Colac, Bellarine Peninsula

SuperStream is nearly here: Are you ready?

How can a small business accountant help you be SuperStream ready?

With around 40 per cent of Australian businesses currently not ready for SuperStream, the Australian government is stepping up its efforts to remind owners now is the time to prepare. But how can businesses make use of accountants in Geelong to ensure they are prepared?

Deadline almost upon Australian businesses

The SuperStream deadline of 30 June 2016 is fast approaching and the government has implored all businesses to cross it off their list. SuperStream is the new digitised and streamlined approach to paying super and delivering employee information to the government.

Australian Taxation Office's Deputy Commissioner James O'Halloran said that the new process is already helping small businesses, with 60 per cent currently using the system.

"Employers who haven't yet adopted SuperStream due to a lack of time should be assured by figures indicating that employers who are using SuperStream have reduced the time they spend on super by an average of around 70 per cent, each cycle," says Mr O'Halloran.

What can I do to ensure my business is ready?

As all small employers need to meet the standard by the 30 June 2016, it's important to know what to do.

1 – Check your payment system

Employers need to ensure they have the right payment system in place. The government outlines four different options, which include:

  • A payroll system
  • Super fund's online platform
  • A super clearing house
  • A message portal

As these can be complicated, it may pay to talk to an experienced accounting firm. Through their expertise, they can ensure your system is up-to-date and SuperStream ready.

2 – Update your information

With the SuperStream rollout, enterprises will need to collect some additional employee information. The pieces of information include:

  • Employee tax file number 
  • Australian Business Number
  • Fund's unique superannuation identifier (USI)
  • Standard Choice Form from employees

The ATO is also hosting a SuperStream webinar that can help you understand your obligations and the positive benefits that the new program will bring. 

For many, the new SuperStream rollout is a complex process. To ensure you comply, talk to the experts at WMC Accounting today

Latest Superannuation Funds Articles