SuperStream has now started for small businesses. If your business has 19 or fewer employees, it’s time to get ready.
What is SuperStream?
SuperStream is making super contributions super simple. It changes the way you pay super for your employees. Before SuperStream, it was common to hear from employers about how difficult and time consuming it is to make multiple super contributions to multiple super funds in multiple ways. For a lot of employers, paying super took hours. SuperStream standardises this.
SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.
You have up to 12 months to implement SuperStream. Don’t leave it to the last minute – get started now.
How to get ready
There are some simple steps you can to take to get ready.
- You can use our handy step-by step checklist.
- You don’t need to prepare for SuperStream alone. Contact your accounting professional, default fund or payroll provider to help you find the best solution that suits your business needs.