Did you kow that payroll in Xero is a SuperStream certified product?
What is SuperStream compliance you ask? Read on to learn more…
What is SuperStream compliance?
SuperStream is a standard for processing superannuation data and payments electronically. All businesses in Australia must be ready for SuperStream by June 30, 2016. This is the deadline for small employers (19 or fewer employees) to meet the ATO’s SuperStream standard. Never fear though, as Payroll within Xero already provides you with everything you need to get SuperStream compliant.
Xero have of course provided you with all the steps required to get SuperStream compliant, check out their blog here with all the details.
Setting up superannuation funds in Xero must be done correctly to minimise processing failures using SuperStream:
- All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN.
- Most self-managed super funds (SMSF) must have an electronic service address (ESA).
- Some employee information – such as a valid contact number, email, and gender – become mandatory.
Note: With SuperStream, you no longer need to make payment to super funds with a cheque.
If you need any assitance with setting this up or have any other queries regarding Xero please don’t hesitate to contact your advisor.
