Employers, are you SuperStream compliant?

With only 15 days until the end of the financial year, as an employer, you need to ensure you are complying with the new SuperStream rules for employee super contributions.

Super contributions made after 1st July, 2016

Any superannuation contributions made post 1st July, 2016 need to be:

• Reported electronically. Paper contribution forms are no longer an option.
• MUST be paid electronically. Cheque payments are not an option.
• Must be reported and paid to the one place, regardless of how many different super funds your employees have.

If you are currently only paying to one super fund and you are using their online services, the chances are you are probably compliant. However, it is worthwhile confirming this by checking on the super fund’s website, or speaking with the fund’s representatives if it is unclear.

If you are reporting and paying to multiple funds then you are definitely not compliant. You will need to setup a “Clearing House” to which you will report and pay all your contributions, regardless of which superannuation fund the employee is a member of.

If you need assistance with SuperStream, please contact the Accountants at Patrick Rowan & Associates, Geelong Tel: 5221 7655 and we can discuss your options.

More information on SuperStream can be found at the ATO website