Thirroul Head office
From 1 July, 2016, all employers will be required to report to the government, when they pay employee superannuation. This can be done via a commercial clearing house, or direct with the ATO for small businesses with turnover under $2 mil. The process is called Superstream. For those on MYOB Live or Xero, the software has its own chosen clearing house and has the ability to do all of this automatically but you need to make sure that section of the software is setup. The time savings using software to handle all your super requirements, including the new Superstream system, are excellent so we encourage you to take advantage of this.
From a business risk perspective, the ATO will now know exactly when you pay your employee super, so if you pay late they will know about it. We expect this will give rise to more employee entitlements audits so just be aware that late payments of employee super will now be under the microscope.
There is more information online but if you have any questions in relation to this new system feel free to contact us.