Employers who have adopted the SuperStream system have seen a reduction of 1.5 hours or 70 per cent in the amount of time spent on each cycle of super admin, according to the ATO.
ATO national program manager, data standards and e-commerce (SuperStream) Philip Hind said more than a quarter of a million businesses have now adopted SuperStream and that small businesses have collectively saved up to $50 million by implementing the new system.
With 2015 drawing to a close, the ATO said it is encouraging employers to implement SuperStream before the 30 June 2016 deadline.
“For some businesses, December and January are quieter periods, so now is a great opportunity to check that your SuperStream option is ready, whether that be your payroll software, your super fund’s online payment system, or a clearing house, like the ATO’s Small Business Superannuation Clearing House,” said Mr Hind.
“Importantly, you should collect the necessary employee identification data – being your employees’ TFNs and their funds’ unique super identifiers (USIs) – and enter it into your system ahead of the next quarterly due date on 28 January. That way, you have time to check that things are running smoothly before the deadline.”
Mr Hind said employees can find their fund’s USI on their super statement or by calling their fund or by using the super fund lookup website.
“As a result of SuperStream, funds are holding more accurate and complete information about their members’ superannuation, enabling better tracking of superannuation by individuals. In the longer term, this will translate to less lost super and better assurance for retirement incomes,” he said.
SuperStream started for small businesses with 19 or fewer employees on 1 July this year and they have until 30 June 2016 to be fully compliant, said the ATO.
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