You may have heard about SuperStream, introduced by the Federal Government to help make the back office operation of super funds more efficient. The main aim of SuperStream is to ensure employer contributions are paid in a consistent, timely and efficient manner.
SuperStream is a standard for processing superannuation data and payments electronically. Under SuperStream, you need to pay super contributions for your employees electronically (EFT or BPAY) and send the associated data electronically. Small employers (19 or fewer employees) must meet the SuperStream standard by 28 October 2016.
In the past, most employers have had to process their employee contributions to numerous funds in different formats. We are now able to implement simple options to ensure business’ are SuperStream compliant:
- Use your super fund’s online system
- Use the Small Business Superannuation Clearing House
- Use a payroll system that is SuperStream ready
Essential Bookkeeping Solutions can look after the reporting of your superannuation guarantee contributions.Through our knowledge of new and simple super lodgement service options, we will ensure your employee superannuation contributions are paid in a single transaction to a single transaction and lodge super monthly or quarterly, it’s your choice.
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