Small business owners take note! The ATO’s new superannuation payment system will help save you time and money. If you’re not paying superannuation via SuperStream, you need to get with the program.
The ATO has contacted Professional Beauty to remind all beauty salon owners who employ 19 or fewer employees, that you need to start paying your superannuation obligations via SuperStream now. These changes came into effect on 1 July 2015 so you should have received customised information about how to get started.
SuperStream is the new standard for all businesses nationwide, which involves making super contributions electronically. If you’re paying superannuation on behalf of your salon or practice employees, you will now be able to pay contributions to multiple super funds in one easy transaction. No more multiple transactions or headaches. Now that sounds good.
Over 350,000 employers nationwide, including around 250,000 small employers, have made the switch. The compliance date was 30 June, so you need to get a wriggle on if you still haven’t started using SuperStream – and why not do it, when the amount of time needed to pay super to employees will reduce in a flash.
“[SuperStream is] definitely an easier way to make payments that has reduced super processing time,” says Ange Hopkins from Cherry Bomb Hairdressing, in Melbourne. “I don’t have to log into different sites to make different payments – it’s seamless. Processing time is now five minutes rather than 45 minutes… If you’re time-poor, SuperStream is a good thing to do”.
Philip Hind, the Australian Taxation Office’s National Program Manager, Data Standards & E- Commerce (SuperStream), said the ATO is assisting the hairdressing and beauty industry by sending important information to registered business owners via email and text message.
“There are many options available to get ready for SuperStream,” says SuperStream’s Philip Hind. “The ATO’s employer checklist is a great place to start. We’re already hearing positive feedback from those that have already implemented SuperStream. Employers who previously had to make contributions to multiple funds are telling us what used to take hours has now been reduced to minutes.”
Still feeling confused? It’s best to speak with your bookkeeper, accountant or superfund for advice on how to get set up and SuperStream compliant. If you want more information from the source, the ATO will be hosting a webinar for hairdressing and beauty businesses on 17 November to assist you in the switch over. Lock it into your smart phone.
For more information go to, ato.gov.au
Have your say: Are you up and running with SuperStream? Give us your thoughts on the new ATO system.