The Australian Taxation Office (ATO) has accepted that there are difficulties for businesses to comply with SuperStream by recently announcing they will provide “compliance flexibility” to small businesses who have not implemented SuperStream ahead of the 30 June 2016 deadline.
Small businesses now have up to 28 October 2016 to ensure they are SuperStream compliant. ATO deputy commissioner James O’Halloran said “some businesses may need extra time or need to work with a SuperStream expert to decide on a solution and become SuperStream compliant”.
How Does SuperStream Help Your Business
The ATO has reported that many businesses have experienced up to a 70% reduction in super processing times by payroll, with fewer errors.
What Do You Need To Do?
Smartsave ‘Members choice’ can also help you meet your super payment obligations by providing:
- Employer online services at www.smartsavesuper.com.au – you will need a log-on and password
- A super clearing house solution* for our employers, including a MySuper investment option
You can also phone us on 1300 654 720 to set up your super clearing house solution, or obtain more information – our SuperStream team will be able to help.
*Smartsave has partnered with SuperChoice, a leading supplier of clearing house services in Australia
‘Stronger Super’ – a Re-Cap
- Increase to SG contributions
- 70 year old age limit for paying SG removed
- Mandatory data standards and e-commerce from 1 July 2014
- Payment of SG contributions to a ‘MySuper’ authorised fund from 1 July 2014 where new employees do not choose a super fund.
- MySuper – a new simple, low-cost default super offering
- SuperStream – operational enhancements to SuperStream to make super transactions faster and easier
- Governance – enhanced prudential standards for trustee boards and fund to strengthen the integrity of the super system.
How Can Smartsave ‘Members Choice’ Help You?
- Smartsave ‘Members Choice’ has a MySuper approved investment option – Smartsave MySuper Balanced. By choosing Smartsave ‘Members Choice’, you can be confident that you will be compliant in meeting your superannuation payment obligations.
- Gold certified Clearing House
Imagine being able to deal with one company regardless of how many superannuation companies your employees choose. You can free up resources and feel confident that you have met your super payment obligations. You’ll:
- Achieve cost savings by reducing paper and processing work, as well as on bank fees, as there will be fewer administrative queries to and from the different super funds.
- Have the flexibility to handle a large number or amount of contributions, and you can choose when and how you make your payments, helping cash flow management.
- Be compliant with SuperStream legislation
- Personalised member & Employer Services team – When you phone 1300 654 720, you will be answered by a real person, not put through a series of numbers and prompts. Our team can help you with your enquiries around super obligations, contribution and clearing house, and insurance.