Is your business SuperStream ready?
From the 1 July 2016 all small businesses with 19 or fewer employees will need to start using SuperStream to make their superannuation payments.
Use a clearing house...
In the past most employers had to draw various cheques or make EFT payments to different funds. With SuperStream you can make your super guarantee (SG) contributions as a single electronic payment to the clearing house, which then distributes the payments to employees' funds. We have found that many of our clients’ are enjoying the benefits of the government’s free ‘small business super clearing house’. The benefits of using the clearing house are two fold, first you meet your obligations under the new SuperStream rules, and secondly you only need to make one payment to the clearing house for all of your employees’ super.
It takes a little time to set up, but over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super. That equates to approximately 1.5 hours each cycle!
You can register your business online at https://sbsch.gov.au/poext/super/public/registration/employerRegistration.jsf