4 reasons you’re going to love SuperStream
As an employer, when the quarterly deadline for paying your employees’ super guarantee rolls around again, you’ll find yourself in that super paying routine, you know the one where you deal with multiple funds who all have different payment and reporting methods:
There’s got to be an easier way. Well, there is. The ATO’s new SuperStream program has been introduced to make paying and reporting on super easier for employers.
When do you need to be compliant with the Superstream requirements?
How will Superstream make life easier for you?
- Deal with a single channel, not multiple funds
No need to remember which funds take electronic payments, and which you need to write a cheque for. SuperStream means you can use a single channel for making payments and reporting on super contributions, regardless of how many funds you might deal with. Which provides consistency in payments and reporting, and means less time for you spent dealing with the individual funds.
- Streamlined super contribution process = less work for you
Though you may need to include a little more information in your reporting initially, once it’s set up, whatever option you choose for processing your super payments means less work for you. This is particularly true if you select payroll software that includes SuperStream compliant superannuation payments as part of the payroll process.
- Reduced processing costs
The costs of processing super payments will be reduced. Whether it’s the simple things that’ll save you money as an employer, like removing cheque processing time and fees, or reducing the number of hours you need to spend paying super. Or bigger things, like the costs to the funds of processing payments, which means more money returned to members of super funds.
- More consistent data and less room for human error
This may be more a benefit for the funds, with more consistent data coming through, but in my books, anything that makes it easier to avoid human errors has got to be a winner, and having a consistent process means faster processing time, so your employee’s super is cleared faster into their super fund.
Don’t wait until you have to be compliant though, thousands of employers are already enjoying spending less time paying super by paying and reporting on super electronically.
If you use the new AccountRight, you can sign up to pay super electronically right now. The Pay Super feature is free with your AccountRight subscription. If you use MYOB Essentials, AccountRight Classic (v19), AccountEdge, or EXO Employer Services, PowerPay or PayGlobal and have a subscription or cover agreement, we’ll have a SuperStream compliant solution ready for you to use by the time you need to be compliant.
“I am saving 1-2 hours a month, I just click a button… You can’t make a mistake.”
Ali Cinanni, High Wycombe Tavern