The following information has been provided to us in good faith by the Bunbury office of RSM Bird Cameron and will be of interest to all business owners and employers with regard to their Superstream obligations in 2015 and 2016.
STEP 1: Assess your options
Search for the solution that suits your needs. Speak to your payroll provider, clearing house or super fund, as well as check to see if any software has been updated. Ideally, you want something that integrates with your payroll process.
Did you know? There is a free Small Business Superannuation Clearing House that allows employers with less than 19 employees to pay super contributions to a single destination in one transaction. Check www.ato.gov.au/SBSCH to see if you are eligible.
STEP 2: Set a target start date
Employers with 20 or more employees have until 30 June 2015 to be SuperStream compliant. Start at least three months before your target date to get ready.
Small employers with 19 or fewer employees deadline is 30 June 2016.
STEP 3: Collect new information
New information now required includes the Fund’s ABN, Unique Superannuation Identifier (USI), bank account details, electronic service address. You will also need your employees tax file numbers (TFN).
STEP 4: Update your payroll records
Add the information to a payroll system wherever possible. Arrange with your payroll provider, clearing house, bureau or other external provider how and when you will update your records with them.
STEP 5: Upgrade and test your payroll system
If you use payroll software, check with your software provider to see if an upgrade is needed and when they intend to release a SuperStream-compliant version of their product.
STEP 6: Connect to your provider
Depending on the solution you choose, you may need to arrange connections and security log-in credentials with your service provider or default super fund.
STEP 7: Undertake a trial
Once your connection credentials are established, check to see if your service provider provides an opportunity to test your solution.
STEP 8: Make your first SuperStream contribution
Plan ahead and have dedicated resources to support the first contribution in order to deal with any issues as soon as they arise. Good communication with your key service provider and/or default super fund will be critical in ensuring this is a success. You should have a contingency plan in case there are problems with your first SuperStream contribution.
STEP 9: Refine your process
You should refine your SuperStream contribution process as you progress and move toward a ‘business-as-usual’ approach. This may include correcting repeat sources of errors, or making changes to your practices based on your experience to get lasting improvements. As SuperStream becomes more established, you can expect to hear about new products, innovations and automation opportunities to achieve greater efficiencies.
More information about the step-by-step processes are available at www.ato.gov.au/superstream
Check with your own Accountant for further advice and the best approach for your business.