As many of you may be aware, the ATO implemented SuperStream as a means to improve and better inform employees on the amount and timing of their superannuation payments. It also provides notification from funds to members on whether contributions have or have not been received.
The ATO SuperStream compliance date for companies with 20 staff or less is July 1, 2016. LawMaster implemented a number of enhancements to the payroll module in the Barbados release, ensuring that you will seamlessly comply with the latest legislature amendments.
Whether you select to use the Small Business Superannuation Clearing House or a clearing house of your choosing, LawMaster provides you with the necessary export files (Export Employee Superannuation Data File).
Superannuation payments made to superannuation funds electronically (e.g. Direct Deposit) with notification by way of the fund’s website, will ensure you comply with SuperStream requirements.
Self Managed Super Funds (SMSF) are supported through the supply of an electronic service address (ESA), although a clearing house does not require the ESA, only the SMSF ABN.
If you have any further questions regarding your firm’s compliance of the ATO SuperStream, please submit a request to the LawMaster Helpdesk.