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Level 9, 360 Queen Street Brisbane, QLD 4000
07 3328 8999
07 3328 8988
mail@cflfinancial.com.au
If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.
If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.
Posted on Jan 27, 2017 by CFL Financial
All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically.
Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream.
SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office.
For those businesses who have not made the switch, here is a guide to be SuperStream ready:
Choose an option
SuperStream requires you to pay super and send employee information electronically. If you already do this, you may only need to refine your system to send the contribution data in the standard format. You can use:
a payroll system that meets the SuperStream standard
your super fund’s online system
a super clearing house
a messaging portal
If you are unsure of which option to choose, contact one of our accountants to help you select the most suitable option for your business.
Collect information and update your records
You may need to collect additional information from your employees, including:
employee tax file number
fund ABN
fund unique superannuation identifier (USI)
For employees with a self-managed super fund, you will need:
employee tax file number
fund ABN
fund bank account details
fund electronic service address
Use SuperStream
Once you have all the employee information, you can start using SuperStream as soon as possible. It is still the employer’s responsibility to meet the super guarantee obligations by the due dates. Those using a clearing house must check how long it will take to send the money and information the super fund. Generally, an employee’s super contribution is counted as being paid on the date the fund receives it, not the date a clearing house receives it from you.
If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.
If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.
Email:
Phone: 07 3328 8988
Fax: 07 3328 8999
Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000
Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001