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
Quill Group is your specialist adviser for accounting, taxation, insurance, financial advice, investment, estate planning and superannuation.
We have offices on the Gold Coast (Southport) as well as Brisbane (Eight Mile Plains), Sunshine Coast (Maroochydore), Adelaide (Wayville) and a visiting office in Alice Springs.
We aim to 'shape the future' of all the clients we work with.
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