SuperStream for Employers – the final countdownStuart Taverner
With the October 28 2016 deadline for the implementation of SuperStream looming, employees with 19 staff or less must act now. By that date, all employers must comply with the new SuperStream reporting method when making superannuation contributions to employees’ nominated accounts.
Through SuperStream, employers do not need to make individual payments to every super fund to which their employees belong: they can simply make one electronic transaction.
Small business accounting and payroll software such as Cashflow Manager Gold and our latest version Wages Manager are compliant with SuperStream reporting and we have many business successfully using the software to pay their employee super.
SuperStream has already introduced many benefits:
- Transactions are processed quicker
- Employers and super funds are saving time and money
- There are fewer lost and duplicate accounts
- Money is being allocated to member accounts faster
Download Version 11 of Cashflow Manager Gold or Wages Manager accounting software from our website.
Businesses that need more help getting ready, can check out our Checklist for small business employees.