YOU NEED TO PREPARE FOR SUPERSTREAM NOW
All employers will need to adopt SuperStream to make future superannuation contributions. Their start date depends on the number of employees they have. For employers with 20 or more employees, SuperStream started on 1 July 2014 and they have until 30 June 2015 to implement the changes.
For smaller employers (with 19 or fewer employees) SuperStream starts on 1 July 2015. Small employers can start early but have until 30 June 2016 to implement.
We recently sent small employers some information about SuperStream to help them get started. We are advising employers there are a number of steps they need to take to prepare for SuperStream. Every business is different and employers should look for a solution that best suits their business needs. This involves speaking with their current service provider, checking if their payroll system is SuperStream compliant or speaking with their default fund.
You can use our employer checklist to help guide your clients as they develop plans and timeframes to meet SuperStream. This is a step-by-step guide for employers from assessing their options through to making their first contributions using SuperStream.