Australian employers have been aware for a while now that Superannuation Gurauntee payments made on behalf of employees must be processed via an online clearing house. Since October 2015, Super Stream changes have been in effect mandating this practice.
If you're unsure if your business is super stream compliant more information can be found here.
Many employers registered initially for the ATO’s Small Business Superannuation Clearing House (SBSCH) and have continued to use this service to ensure they remain Super Stream compliant. The ATO is now changing this service and integrating the SBSCH with their online services.
As of February 2018 the way you access this service will change. The current system will no longer be available from close of business on 19 February 2018.
So what are your options?
Use the Super Stream compliant version of your Accounting Software
Many accounting packages have now updated their software to reflect these changes and offer super stream compliant superannuation payment services within your current accounting program.
MYOB, Xero and Quickbooks all offer superannuation payment options that can send off all of your superannuation payments to employees chosen funds and report these automatically to the ATO. Many of these programs will also automatically debit the business bank account for the total amount meaning improved payroll efficiencies within your business.
Change over to the ATO’s newest online solution of the SBSCH
The ATO will still be offering a SBSCH and for those who do not have accounting software with payroll included or who are not willing to update their software to receive the super stream update.
The ATO SBSCH is still a free service for businesses with 19 or fewer employees, or an annual aggregated turnover of less than $10 million.
For further information about making the change, visit the ATO’s website.
If you require further assistance or are unsure if the changes will affect your business contact your CSM at Easdowns who will also be able to step you through the process.