The latest buzz word around the financial industry is SuperStream.
Now as a business owner / operator this is one of those times where you can’t just bury your head in the sand and hope it goes away…because it won’t.
The concept of what the Government is trying to achieve is quite simple really. They are streamlining the process of lodging and paying Superannuation, with the underlying goal to have everything done securely online. And obviously they want Superannuation to be transparent for employees, employers and for themselves for auditing purposes.
So basically you will not be able to pop a cheque in the mail for your Super with the names of the employees on the back anymore. They want more information!
That’s it in its simplest form. See it wasn’t so scary after all! So where to from here for you? What do you need to do?
The SuperStream standard applies from 1 July 2015 for you if you have under 19 employees. So if you have under 19 employee’s you will have to start implementing a compliant strategy for your Superannuation from 1 July 2015 and be fully compliant by 30 June 2016.
Companies that have over 20 employee’s you only have until 30 June 2015 to be fully compliant, so at least they have given small-medium businesses a bit longer. If you have over 20 employee’s there is not much time left to get your system compliant!
All JBS Bookkeeping Clients will have already been contacted by one of our expert team to discuss solutions specific to your business.
In the meantime if you want some light bedtime reading check out the ATO’s website for details on SuperStream. They have provided a number of really useful ‘plain English’ videos, checklists and resources for you to use.