Before we decide if you’re ready for SuperStream, let’s define it first.
SuperStream is an electronic means of paying superannuation for your staff that not only puts the payment into their superfund but also advises both their funds and the ATO as to who the payment is for and which period.
So in order to prepare for SuperStream for each employee, you need to know not only their superfund but also its specific USI (Unique Superannuation Identifier).
While you may already have been paying super for your employees, this change is an improvement. Once it’s set up, it’s easy to use and maintain. Instead of having to pay many different funds separately, there is only one payment. A massive timesaver!
The process behind SuperStream is simple:
- Find a SuperStream provider.
- Create a login.
- Upload your employee details.
Each month (or quarter), you simply update the superannuation amount and make one payment. The provider will either give you BPAY details or direct debit the amount from your account.
If you have less than 19 employees, you can use the ATO Small Business Clearing House.
Another massive timesaver? Use an accounting program that automatically takes the information from your payroll system, uploads it to your SuperStream provider, then allows for the payment to process (with your consent of course!).
Xero is just that program. Updating the extra information into payroll is a simple one-off process for each employee. Xero has its own SuperStream provider it links to. Just process the transactions, receive an authentication code by SMS, then enter that code to authorise payment. Simple.
Remember, whatever provider you choose, don’t wait until the last day to pay it. The payment will take a couple of days process. You don’t want to be late!
If you have any questions on setting up for SuperStream, particularly for Xero, give The Bookkeeper Hub a call or email email@example.com.
Photo credit: AndreyPopov via istockphoto.com / CC BY-NC-SA