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SuperStream cuts super process by 70%
Superstream has reduced employer's time spent on super by around 70 per cent, according to the Australian Taxation Office (ATO).
The ATO said over a quarter of a million of small businesses had adopted SuperStream already, ahead of the 30 June 2016 deadline.
The ATO's national program manager for data standards and e-commerce (SuperStream), Philip Hind, said "while it may take a little time to set up, we're hearing that SuperSream is reducing the time employers spend on super by around 70 per cent — or 1.5 hours — each cycle, on average".
"And you may save money too, with small businesses who have implemented SuperStream so far collectively saving up to $50 million per year," Hind said.
"As a result of SuperStream, funds are holding more accurate and complete information about their members' superannuation, enabling better tracking of superannuation by individuals. In the longer term, this will translate to less lost super and better assurance for retirement incomes."
Hind said now is the ideal time for employers to make sure they have all the information they need to use SuperStream correctly.
"Importantly, you should collect the necessary employee identification data — being your employees' TFNs and their funds' unique super identifiers (USIs) — and enter it into your system ahead of the next quarterly due date on 28 January. That way, you have time to check that things are running smoothly before the deadline," Hind said.
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