SuperStream

The Australian Taxation Office introduced SuperStream as a new way of processing superannuation guarantee contributions (SGC) made by employers on behalf of employees. SuperStream consolidates all of the employer's SGC payments through a single electronic format. The deadline for SuperStream compliance was 28 October so if you believe your business is not compliant please contact us for advice.

For employees there is no change to the way their superannuation is received or treated for tax purposes, for employers the changes however are significant:

Australian Taxation Office - SuperStream for Employers

As superannuation payments will now be centralised with information readily available to the Australian Taxation Office, it is critical that SGC payments are processed and paid on time to avoid the SGC Charge and other potential penalties.

For smaller businesses the ATO offers a free clearing house service which enables your business to make a single electronic payment for all of your employee's superannuation guarantee contributions and then distribute them to the employee's funds.

Please contact us if you would like any more information.

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