Superstream – Is Your Business Ready?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.  Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

If you have 20 or more employees (medium to large employer) SuperStream starts from 1 July 2014. From that date, employers will start implementing SuperStream and you have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees.  If you have 19 or fewer employees (small employer) SuperStream starts from 1 July 2015. You have until 30 June 2016 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees.

How can you comply?

Using an electronic based payroll and accounting software is the best way to ensure you can meet these new requirements.  Xero Accounting already includes the ability for you to pay super electronically, virtually at the click of the button.  If you have been considering moving to a cloud-based accounting software, now is the time to make the switch, with the new financial year fast approaching.

If you would like to discuss this option for your business please send us an enquiry at the bottom of this page and we will promptly get back to you.