Are You Ready For Superstream?
The Australian Taxation Office (ATO) is reminding all employers that the window for complying with the new SuperStream system is closing fast.
Superstream is Coming
All employers with 20 or more employees need to comply with SuperStream by 30 June, 2015. Employers with 19 or less employees have until 30 June, 2016 to comply.
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
The SuperStream rules are mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation funds (SMSF’s) receiving contributions.
The ATO has provided a step by step guide to assist employers become compliant.