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SuperStream should cut admin time by two-thirds

To tie up the loose ends of 2015, the Tax Office is reminding employers ahead of the June 30,2016 deadline to cross SuperStream off their 'to-do' list.

According to Philip Hind, the Tax Office's National Program Manager, Data Standards & E-Commerce (SuperStream), now is the ideal time for employers to make sure they have all the information they need to use SuperStream correctly.

"Importantly, you should collect the necessary employee identification data - being your employees' TFNs and their fund's 'unique super identifier' (USI) - and enter it into your system ahead of the next quarterly due date of 28 January", Hind says.  "That way, you have time to check that things are running smoothly before the deadline".   Hind says the Tax Office has heard anecdotally from early adopters that SuperStream can reduce the time employers spend on super obligations by an average of 1 1/2 hours - or about 70% - over each cycle.

With only two quarters left until SuperStream becomes mandatory, now is a good time for employers to adopt SuperStream and familiarise themselves with it before the deadline.

For some businesses, December and January are quieter periods, so now is a great opportunity to check that your SuperStream option is ready, whether that be your payroll software, your super fund's online payment system, or a clearing house, like the ATOs Small Business Superannuation Clearing House

Employers who aren't sure how to prepare for SuperStream should visit the Tax Office's online employer checklist for guidance.  SuperStream started for small businesses with 19 or fewer employees last July, and they have until 30 June 2016 to be fully compliant.

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