From the 1st of July 2016, The Australian Taxation Office (ATO) will be making it mandatory for all employers who employ up to 19 staff or less to report and pay their employee superannuation obligations via SuperStream. SuperStream is an ATO initiative which is designed to make superannuation reporting and paying simpler for employers. Please take a moment to view the ATO Video outlining SuperStream.
Play SuperStream Video
Effectively there are three (3) options for adopting SuperStream. There options are as follows:
- Subscribe to SuperStream using the ATO's free subscription platform
- Subscribe to SuperStream using your superannuation funds platform (clearing house)
- Incorporate SuperStream into your existing electronic payroll system
Your choice as to how you merge into SuperStream will be partly influenced by how you currently manage your employees payroll.
For those employers who use an electronic payroll system, the merge solution may lay with your accounting/software provider such as XERO. XERO Accounting has been proactive with preparing the payroll system to accommodate SuperStream. XERO have updated their subscription and payroll offerings and from the 1st of June 2016 any existing XERO subscriber who currently run a payroll involving two (2) or more employees have been upgraded to a subscription platform that will automatically incorporate SuperStream into the payroll function. To view the XERO price-plan changes please click on the link below:
Changes to XERO Price-Plans
XERO Payroll Features
For client's who run XERO payroll for only one (1) employee, your subscription has not changed however your payroll platform does not incorporate SuperStream. Therefore, you have the option of upgrading your XERO subscription to accommodate SuperStream or choose one of the other options for adopting SuperStream.
For those employers who still maintain manual payroll records then utiisng the ATO's free lodgment platform may be of benefit; alternatively, you may opt to use your Super Fund's online system of a super clearing house.
To assist you with this decision please refer to the enclosed links provided by the ATO for more information.
ATO Employer Checklist
Employer SuperStream FAQs
Come the 1st of July it is imperative that you have set-up your SuperStream option and are ready to report and pay your June 2016 quarterly superannuation obligations via SuperStream.
If you have any questions about what option is best for you please do not hesitate to contact me.