In 2014, SuperStream was announced by the government aiming to improve the efficiency of the superannuation systems. Employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. SuperStream is compulsory for all employers making super contributions, as well as self-managed superannuation funds (SMSF) receiving contributions.
We first broke down SuperStream late last year in our blog “SuperStream rolled out”. We talked about what it aims to do and what you need to do to be compliant. We are finding, through conversations offline and online, that employers are still misunderstanding what SuperStream is and how it affects them. If this is you then have a listen of the SuperStream Podcast released by the ATO below.
SuperStream podcasts for small employers
[wp-stream-player url=”https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/16008_superstream_podcast_1_final.mp3″ type=”mp3″ autoplay=”no” ]Source: the Australian Taxation office.
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About The Author: The Quill Team
We are a team of Business Accounting, Financial Planning and Superannuation enthusiasts. Quill is your one stop shop for all your financial needs. Think of us as your financial fitness centre. We offer accounting, financial planning, insurance and superannuation support and advice to our clients.
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