Employers advised to prepare for SuperStream

According to advice offered by the Australian Taxation Office (ATO), all employers with 20 or more employees need to ensure they’re ready to transition to SuperStream by no later than 30 June 2015.

The ATO is helping prepare employers for changes in the way superannuation contributions are made. SuperStream introduces a standardised electronic method for payments to super funds, providing cost and time savings benefits to employers while increasing the efficiency of the super system overall.

Small employers (19 or fewer employees) have until 1 July 2015 to start but the ATO will provide flexibility on start-up dates until 30 June 2016, provided employers are making genuine efforts to get ready.

The ATO has put together a short video to help employers with the transition. Employers can also use the free Small Business Superannuation Clearing House to make their super payments and meet SuperStream requirements.

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