Are you ready for Superstream?
Small businesses, up to 19 employees, must adopt Superstream by 28 th October. This was extended from 1 July 2016 because about a third of businesses were 'not ready'.
Superstream requires employers to notify and pay super contributions for employees electronically (this is not an option from the end of the month, payments must be made electronically – except for the principals SMSF).
After 28 October, the ATO will review all super lodgements and will contact those that are not compliant. It could impose penalties if no effort has been made to comply. Of course, late contributions will be easier to identify too.
It is not difficult. Employers can send to the Fund(s) used, or use Superstream, which is operated by the ATO. For example, the employer will send the report of how much super is due, the names of the employees and their chosen funds, and remit the total contributions. Superstream breaks down the detail and sends the cash and reports to the various super funds.
You can set up by contacting the super fund and ask for their online system details, or use the ATO's Superstream. If you need some detail or information on Superstream, go to:
For an ATO checklist (how to set up):
For an ATO decision tool (which solution suits you):
This is the start of the Simplified Reporting systems. All payroll is likely to be handled by electronic reporting, perhaps next year, and eventually the software you use (MYOB, Xero, etc) may be connected directly to the ATO.