For small employers SuperStreaming could have seemed like a daunting task. But having the right information and beginning early is key to keeping things on track.
As a small business owner, Superannuation related procedures might be something that worries you. It is not uncommon for small business owners to find themselves unsure about the best way forward with their Superannuation, though it is something you just have to get done. With the new SuperStream option, you may find the process much easier.
Are you Compliant? The Due Date has Passed.
The Australian Tax Office says that all small employers need to meet their SuperStream standard by 30 June 2016 and a grace period was offered to the 28th October 2016 for small employers that employ 19 people or less.
The process of tax submission for small owners is a little different from other businesses and one way of simplifying the process may be to speak to us to help you figure out the right solution. Do keep in mind that following the set system is important to make sure that you are on track with the requirements.
What is the process?
Before you start the SuperStream process, make sure you have all your employees’ information that you need to pay Super and have it entered into the system
Once you have that in place, to be in line with SuperStream requirements, you need to send all this information electronically once your pay your employees. If this is something you are already doing then half your battle is won and all you may need to do is refine the information so it is in the set format.
There are a number of options you can use here depending on what works best for you:
1. A SuperSteam aligned payroll system – You might want to check with your system provider if your payroll system is indeed SuperStream ready. If not, then some updating would be needed here.
2. A Super fund’s online system – You might find it easier to turn to an online system that might already be in place
3. A Super clearing house – You can simplify the process by sending an electronic payment to a clearing house along with contribution data. Once you do that, the rest of it is for the clearing house to work out. There are several services out there you can use
4. A messaging portal – This service basically allows you to convert all your contribution data to a SuperStream compliant format via a messaging portal. You can start by talking to your provider and then making one electronic payment.
As a process SuperStreaming is not difficult. But because there are some intricacies that you will have to wade through, it is a good idea to reach out to your accountant to manage this process. It is important to understand that there are some exemptions if you have only been making contributions to yourself or a self-managed super fund. You will see for yourself that having that expert guidance from your accountant might come very handy here.
When you start the SuperStream process it could be a little overwhelming. There plenty of resources and services out there that you can turn to. Use these, and get started now.
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Our goal is to help set up your finances and keep you on track to a successful financial future. We can do more than help you protect your income. We could also review what you are doing to create wealth. If you don’t have a strategy, we can assist you in setting one up. It easy to get started with us, simple contact us today or call 03 9848 5933.
This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.