Are you SuperStream ready?
The Australian Taxation Office (ATO) is encouraging businesses to switch over to SuperStream ahead of the June 2016 mandatory transfer date, touting a huge reduction in admin time for those who do.
"We're hearing that SuperStream is reducing the time employers spend on super by around 70 per cent – or 1.5 hours – each cycle, on average," explained Phillip Hind, ATO's national program manager, data standards and ecommerce.
"And you may save money too, with small businesses who have implemented SuperStream so far collectively saving up to $50 million per year."
This kind of incentive has induced over a quarter million businesses to adopt SuperStream, either independently or with the assistance of a bookkeeper or chartered accountant.
What are the benefits of SuperStream?
Despite the coming Christmas, January and December can be a period of quiet for some businesses, making these warm summer months an ideal time to make the switch.
The ATO also describes the benefits to employees. Funds in SuperStream are reported to be more accurate, with less lost superannuation and a far greater peace of mind for those with retirement on their mind.
Other benefits include the opportunity to become familiar with the system before the final swap over date. This will mean that while everybody else is dazed and confused over the new technology, early adopters will be savvy with the SuperStream experience.
However, it is also important to make sure that you have all of your employees' information ready before making the switch. Whether you are using payroll software, tax agents, a clearing house or otherwise, you must make sure you have your employee's TFNs and USIs processed before the due date of January 28 2016.
SuperStream for small businesses opened on July 1 this year and will become mandatory by June 30 2016.