There are only a few weeks remaining before small businesses must change the way they make their super contributions. Employers with 19 staff or less will need to be “Superstream” ready by the 30 June 2016 deadline.
In order for employers to be compliant with Superstream standards, they will need to make their super contributions electronically and in an approved format. Contributions will no longer be able to be made via paper-based methods, such as a cheque. Instead, they will need to be sent via the banking system to the destination super funds.
For some businesses it may take a little time to set up. However, the Australian Taxation Office reports that over a quarter of a million employers who have made the change are already enjoying (on average) a 70% reduction in the time they spend on super!
Businesses can use one of the following options to become Superstream compliant:
• upgrading current payroll software
• using the default super fund’s online system
• using a clearing house service.
The NRA’s preferred super fund, Intrust Super, has an exceptional clearing house service, called SCH Online. It is Superstream compliant and allows employers to make one contribution payment for all staff, across multiple superannuation funds, all online.
SCH Online is designed to save time and help employers get back to managing their business without getting weighed down by superannuation obligations.
Intrust Super has already helped many businesses across the country prepare for this change and streamline their super administration. Best of all SCH Online is now available free of charge.
Click here to register for SCH Online or call 132 467 for more information.
The information contained in this document is of a general nature only, and does not take into account your individual situation, objectives and needs. You should consider the appropriateness of the general information having regard to your own situation before making any investment decision. Further information is available at www.intrust.com.au or call us on 132 467. While Intrust Super has no reason to believe that this information will not provide an accurate view of the material covered, Intrust Super does not accept liability for any errors or omissions in the content of this information.
The Trustee of Intrust Super is IS INDUSTRY FUND Pty Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | RSE Registration No: R1004397 | Intrust Super ABN 65 704 511 371 | SPIN: HPP0100AU
The Clearing House functionality within EmployerAccesss is provided by the Superannuation Clearing House (SCH) as an Authorised Representative of Pacific Custodians (ABN 66 009 682 866 AFSL 295142). Both the SCH and our administration provider, Australian Administration Services (AAS) (ABN 62 003 429 114), are part of the Link Group of companies and therefore separate to IS Industry Fund Pty Ltd, the Trustee of Intrust Super. The Trustee is not responsible for the products or services, views or actions of these organisations. Employers should use their own judgment before taking up any product or service offered by a third party.