Superstream

With the 30 June 2016 deadline looming, the ATO strongly encourages small businesses to get on board with SuperStream today.

More than 65 per cent of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got just weeks to do so.

You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the SuperStream standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).

The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2 million or less.

Some small business owners, already using SuperStream, have reportedly cut time spent on super processing by around 70 per cent each cycle. Regardless of the SuperStream option you choose, you can add your business to this group.