There are only a couple of months remaining before all businesses must comply with new payment and data standards for super contributions. Businesses will need to be “Superstream” ready by the 30 June 2016 deadline.
SuperStream standards require businesses to make their super contributions electronically and in an approved format. Contributions will no longer be able to be made via paper-based methods such as a cheque.
Some extra data will also be required in the payroll file sent to super funds. The extra data includes the fund’s unique superannuation identifier, bank account details and electronic service address, and employee tax file numbers.
Intrust Super Chief Executive Officer, Brendan O’Farrell, says the new standards will streamline super processes for businesses.
For some businesses it may take a little time to set up. However, the Australian Taxation Office reports that 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.
Businesses can use one of the following options to become SuperStream compliant:
• upgrading current payroll software
• using the default super fund’s online system
• using a clearing house service.
Most superannuation funds will offer a clearing house service. The super fund your business has selected as its default superannuation provider will be able to assist you. However, not all clearing houses are created equal. Some are better than others in providing a more effective, efficient and most importantly SuperStream compliant service.
Intrust Super has an exceptional clearing house service called SCH Online. Whether you have one business or multiple properties, SCH Online can make paying your super contributions extremely simple. It is SuperStream compliant and only requires one log-in, one upload of data and one contribution payment to fulfil all staff superannuation contributions.
SCH Online is designed to save time and help employers get back to managing their business without getting weighed down by superannuation obligations. Best of all, the service is now free of charge!
“Super funds have an obligation to their clients to ensure they are always compliant with super legislation,” Mr O’Farrell said.
“A superannuation clearing house service will simultaneously pay every employees’ super in one single lodgement and ensure businesses will be compliant with the new legislation come 30 June.”
Intrust Super has already helped many businesses across the country prepare for this change and streamline their super administration.
For more information please contact Intrust Super on 132 467.