What SuperStream means for Employers
From 1 July 2014, employers with 20 or more employees will need to start implementing SuperStream compliant payroll systems and commence paying and reporting superannuation contributions electronically on behalf of their employees prior to 30 June 2015.
From 1 July 2015, employers with fewer than 20 employees will need to start implementing SuperStream compliant payroll systems and commence paying and reporting superannuation contributions electronically on behalf of their employees prior to 30 June 2016. Employees with fewer than 20 employees can choose to adopt the new standard from 1 July 2014.
Employers need to consider how they will comply with the SuperStream requirements, which could mean:
- upgrading your payroll software
- using an outsourced payroll provider
- using a commercial clearing house or the free Small Business Superannuation Clearing House (available for employers with 19 or fewer employees)
To ensure compliance with the SuperStream standards and obtain the benefits of electronic payment and reporting of superannuation contributions, the best time to act is now.
Please contact PPT on (03) 5331 3711 if we can be of any assistance in implementing the new superannuation standards.
