Have you heard about SuperStream?
The word is starting to get out about this new requirement. SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contributions electronically in accordance with this standard. Initially, from 1 July 2014, SuperStream will only apply to employers with 20 or more employees. So if you are an employer in this category, you need to take action to make sure you comply. Exactly what you need to do varies depending on your particular circumstances (eg software used, if you are registered with an Funds etc), so please call us for some specific assistance. If you have a SMSF, and are employed by someone with 20 or more employees, you need to ensure your fund is registered with an electronic service provider. We can assist with this, so please contact us.