What is SuperStream – Insights from ND ACCOUNTING
What is SuperStream?
Natasha is the principle of ND Accounting and taxation service based in Warrawong and offers tax tips and advice to local businesses in Wollongong, Shellharbour and afar on money matters such as business structures, bookkeeping, accounting, Self Managed Super Funds and tax for both individuals and businesses.
SuperStream is an initiative that falls under the stronger super reforms and has been introduced so employers have a simpler and more consistent way of making contributions. It is especially benefiting those employers who pay to multiple funds.
Under SuperStream, employers are required to provide payments and associated data to super funds, electronically and in a standard format. This now enables employers to save time, by making just one electronic transaction covering all employees.
When does it start?
Larger employers who have 20 or more employees should already be using SuperStream.
If you have 19 or fewer employees, you need to be complaint by 28 October 2016.
What should I do if I am not SuperStream ready?
For most employers, getting SuperStream ready is making sure your payroll solution is complaint with the new standard. You should check directly with your payroll provider, payroll software, accountant or bookkeeper.
If you are based in Shellharbour, Warrawong, Wollongong or the Illawarra and require accounting, bookkeeping and tax advice contact ND Accounting and taxation service on 4272 3048.