Growth Customer Experience Productivity Business IQ Trends Success Stories Tech Solutions Subscribe Tech Enquiry
Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Goodbye delays. Hello efficiency. The Australian Government’s superannuation reform will help make everyday superannuation transactions easier, which could save you both time and money.

With more than 100 million transactions per year at an estimated cost of over $3.5 billion, how businesses manage the payment and clearing of superannuation was due for a clean up to improve productivity for businesses everywhere.

The Australian Government’s superannuation reform is called SuperStream with the intention of reducing admin costs, increasing payment efficiency and reducing error by working across data sources aligned with consumer TFNs.

For small business owners, the benefits are significant and the necessary steps to change quite simple. 

Money jar with retirement label attached

What does SuperStream mean for me?
 

For businesses with 20 or more employees

Having a superannuation fund with a SuperStream product is mandatory for all employers making super contributions from 1 July 2015. From this date, you’ll be required to send super contributions electronically.

For businesses with fewer than 20 employees

You have 12 months from 1 July 2015 to make the transition to having a superannuation fund with a default SuperStream option.

Dates for your diary

1 July 2015. The SuperStream transition begins for business with less than 20 employees, it would be wise to begin making your payments electronically so as to realise the benefits sooner – after all, the early bird catches the worm. 

Benefits of SuperStream

The ATO lists the benefits of SuperStream as:

  • Better record keeping for tax or audits
  • A reduction in data mistakes and payment errors
  • One channel that distributes to multiple funds, making it easier to pay super for multiple employees
  • More integration with payroll systems

Getting ready

Getting on top of what you are legally required to do and how to do it is important. As different businesses have different requirements it’s important to plan for your business’ migration to SuperStream.

The options for small businesses are varied:

  1. Use the free Small Business Superannuation Clearing House (SBSCH), designed to make superannuation payment processes easy and totally free – see here for more: SBSCH online superannuation payment service.
  2. Upgrading your current payroll software so that it is SuperStream ready. Check with your current provider if an upgrade is required.
  3. Find a service provider or clearing house who can assist and onboard your SuperStream compliance for you. Consult with your selected super funds for information and access to their clearing house service. 
Getting onto one of these options as soon as possible will help ensure all necessary information is collected and payroll records are updated, helping to make your transition to SuperStream smooth and carefree. 
Looking to find more efficiencies in your business?

Check out our five easy ways to help boost your cash flow here.

Find out more

5G is set to change the world, and business, forever
Trends
5G is set to change the world, and business, forever

5G networks across the globe are set to change the very nature of wireless connectivity, with predictions suggesting they could have the same impact as the introduction of mobi...

Pam Brook of Brookfarm on turning a lightbulb moment into a lucrative business
Growth
Growth
Pam Brook of Brookfarm on turning a lightbulb moment into a lucrative business

Pam Brook’s family business idea started as a quip at a dinner party and went on to become an Australian success story. Today, Brookfarm employs 75 staff and exports products a...

Image shows a man using a laptop holding a Perspex lock.
Business IQ
Business IQ
Checking the locks: How to audit your cyber security

Cyber attacks are becoming more prevalent and sophisticated. To stay safe, organisations must undergo regular and rigorous cyber security audits. Businesses must conduct cyber ...

Image shows a worker using an e-commerce platform in a warehouse to fulfill orders.
Tech Solutions
Tech Solutions
How to choose the best integrated e-commerce platform

If there's one constant of e-commerce, it's change. Success in the digital world requires an e-commerce platform that can adapt with your e-commerce strategy so that change doe...