The deadline for small business (with less than 20 employees) to transition to SuperStream is fast approaching with all superannuation payments from 1 July 2016 to be processed electronically.
Many small businesses have successfully adopted SuperStream via their payroll software, the super fund’s online payment system, or a clearing house and are enjoying the efficiencies that it has created.
For those businesses who are yet to make the switch, it is important to collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) - and enter it into your system ahead of the next quarterly due date on 28 April. That way, you have time to check that things are running smoothly before the deadline.
Employees can find their fund’s USI on their super statement or by calling their fund. Employers can also find these details using the Super Fund Lookup website, view the SuperStream checklist for further directions.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.