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SuperStream starts for small employers
Businesses that have not finalised their implementation for SuperStream should speak to their service provider, accounting professional or super fund, the Australian Taxation Office (ATO) has urged.
SuperSteam commenced on Wednesday for small business with 19 or fewer employees, but these companies have until 30 June 2016 to meet requirements.
Under SuperStream, employers are required to make super contributions electronically in a standard format.
Kennas Chartered Accountants accountant, Peter Shonhan, said the main benefit to employers was the reduction in time and costs when meeting their super obligations.
"We upgraded our payroll software and have been recommending our employer clients to do the same. What previously took around a day per month now takes less than an hour. The time savings are pretty high and allow us to focus on other parts of the business," he said.
The ATO's national program manager, data standards and e-commerce (SuperStream), Philip Hind, said for employers it cuts the red tape by making super payments electronic and introducing a standard way to pay contributions.
"There are many options available to adopt SuperStream. Employers should investigate their options and prepare now," Hind said.
These options according to the ATO website are:
- Upgrading your payroll software;
- Using an outsourced payroll function or other service provider; and
- Using a commercial clearing house of the free Small Business Superannuation Clearing House (19 or fewer employees).
According to Westpac's director for global transactional services, Emma Dobson, the bank is the first and only bank in Australia to own and operate a gateway and clearing house.
Dobson and her colleague, general manager for global transactional services, Rachel Slade, told Super Review that its gateway and clearing house Quick Super was handling around 90 per cent of gateway contributions in the lead up to the start of SuperStream.
"The five days that it takes for a person to pay those employees is now half an hour. The Quick Super was launched as a product for small businesses who rarely had any administrative support and we saw an opportunity at that end of the market," Slade said.
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Be good if they could get there website to work on 1 July. So completely frustrating