Have you heard of SuperStream? This phrase has been floating around for the past couple of months and it has been confusing some people. The simple way to say it is it is the Government’s Super Reform package.
All SuperStream really means is it is an electronic method to pay all your employees superannuation in one transaction. Very simple, once set up!
Watch the video for an overview from the ATO about the SuperStream Data and Payment Standard.
We can help you set yourself up with "The Small Business Superannuation Clearing House (TSBSCH)”. The TSBSCH is free to use! This online service helps all small business with 19 or fewer employees meet their super guarantee obligations. The ATO will be making SuperStream compulsory for all small businesses by 1 July, 2015.