There are changes to super and BAS reporting and tax concessions that you should know about: Super – Do
If you are still paying super contributions to your employees by EFT or BPAY, you may not be meeting the SuperStream standard.
Under SuperStream, businesses now need to pay and send super contribution information electronically (not by email). This allows payments to be tracked and ensures the contributions make it to the right place.
SuperStream is about simplifying the superannuation system. More than 75% of small businesses are already seeing the benefits, including a shorter, more streamlined and efficient process.
Take action now and check your current payment method is meeting the SuperStream standard by using our decision tool. Or, contact your super fund to see if you need to change the way you pay.