SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format. It must be used by: - employers - self-managed super funds - APRA-regulated funds. SuperStream transmits money and information consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
If your business is employing a junior (under 18) then you are required to make super contributions for the junior employee if the following conditions are met: You pay the junior employee more than $450 in a calendar month, and The junior employee works more than thirty (30) hours per week. #super #minors
Following the release of the Cooper Review of the Super System, on 14 September 2010, Assistant Treasurer Bill Shorten announced measures (known as Stronger Super) to make super system more efficient and to increase retirement savings for all Australians. This is achieved by: Creating a simple and low cost MySuper product; Simplifying the processing of transactions and reporting; and strengthening regulation and integrity of the superannuation system #super
Superannuation contribution payments used to be time consuming and often result in higher administration costs. With the introduction of superannuation clearing house, the process is now very simple. All it requires is a single payment to Medicare. Medicare will then transfer the funds to your employees super accounts registered on its system. The best thing about the service is that it is free to small businesses employed less than 20 employees. Please click here for more in