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The implications of SuperStream on your business

Under SuperStream you need to pay super contributions for your employees electronically (either via EFT or bpay). To meet the requirements you will need to use a superannuation clearing house which means you can make all your contributions in a single transaction. The data is then shared with funds, service providers and the ATO. 

When do I need to implement these changes by?

Small employers (19 or fewer employees) must meet the SuperStream standards by 31st October 2016. Large employers (20 or more employees) should have been using SuperStream since 31st October 2015

How can I comply with SuperStream standards?

If the only contributions you pay are for yourself or to your own SMSF then you do not need to use SuperStream as they are exempt contributions.

If you have fewer than 19 employees or less than $2 million turnover you can use the Small Business Superannuation Clearing House. Your accounting software (such as Xero or MYOB) may also offer a clearing house that is SuperStream compliant – contact us to find out more.

Large super funds may have an online payment system that is compliant with SuperStream but we recommend you contact the fund to find out.


The implications of SuperStream on your SMSF

Self-managed super funds must be able to receive employer contributions and associated data using the SuperStream standard. This is done via an electronic service address

Does this apply to my SMSF?

A SMSF does not need to be SuperStream compliant if it does not receive any employer contributions or the only employer contributions are from a related-party employer.

What do I need to do?

Nothing, an electronic service address is included in your yearly Class subscription. If your employer needs details of your fund's electronic service address please contact us on (02) 6554 8311.

What our clients say...

  • I first met Alex from Beaver Novello Moss just before I started my podiatry practice, approx. five years ago. With little business management experience, Alex provided much valued guidance throughout the formative years and as the business has continued to grow to help me reach my financial goals.

    I have always been extremely impressed with Alex's professionalism, enthusiasm, knowledge and personal approach.

    Joe Crowther
    Podiatrist

  • Beaver Novello Moss have been my accountants for the past 30 years.

    In this time I have had several businesses.

    Over the years I have needed lots of advice and Beaver Novello Moss are always there when I need them.

    Anytime I need something done , its only a phonecall to them and it gets sorted quickly.

    The whole team is very professional and nothing is ever a problem.

    They help with crucial decisions on managing my business to get the best financial results.

    Paul Nixon
    Director Forster Cycles
    Forster NSW

  • We were put onto BNM by a close mutual friend who had used their services for years.

    At the time our business was just a two man team with a rather mediocre turnover

    Our previous accountant didn't ever give us the feeling he wanted to grow with us even though we had expressed our intentions to grow the business in a very clear way.

    Although changing accountants felt a little daunting at the time, we bit the bullet and made the change... And what a fantastic decision that was...

    Joel Knott/Damian Quain
    Directors Automotive Hail Repairs
    Sydney NSW

  • I have been a client of BNM for the past 30 years, both on a personal & business level.

    BNM has been responsible for all aspects of accounting and tax for several Companies I am involved with as well as my superfund.

    Strategic business and tax planning has added significantly to my bottom line.

    Over the years I have found Alex & the team to be very reliable & efficient. They provide good advice, at times with very short notice, which can be critical to future outcomes...

    Ross Andrews
    Director
    Forster NSW

  • Today in business you have to have an accountant. We are just lucky to have the best one. We have been in business for over 35years and are nearing the end of our working career. This has only been made possible by the strong steerage of Beaver Novello Moss in our earlier years of work and without whose help we would now be floundering about, trying to work out how we would ever be able to afford to retire.

    Howard Day
    Optometrist
    Forster Eyecare

  • I have been a client of BNM for over 7 years now and I wouldn't have it any other way. Alex Novello helped me when I launched my first online business back in 2007 and has since helped me take it from strength to strength over the years.

    Let's face it, no-one likes dealing with the ATO, but BNM do!!! They get things dealt with quickly and easily. They take care of it all and in what seems like minutes and for a fraction of the cost that I would lose in billable time if I did it myself!

    Lisa Rigoni
    Picnic Point NSW
    Director Rigoni Australia

  • I have been a client of Beaver Novello Moss for over 11 years and they have been a key advisor to my businesses and an essential member of my team in business development.

    Most importantly, always being there in the tough times with a thorough knowledge of the business. eg steering a successful ATO audit, supporting me through the death of my partner and planning for the future needs of myself and my children.

    Sharyn Cox
    Possum Brush NSW
    Company Director Clarendon Farm Pty Ltd and Clarendon Management Pty Ltd

  • Hi Grant

    Just want to thank you for the interest you show and the quality advice I constantly receive. I have just realised that it is now over ten years since you were first recommended to me.

    I count myself fortunate to have found such trustworthy help!

    I just want you to know your integrity and genuineness is greatly appreciated.

    Wes Schwarze
    Bonny Hills
    NSW

  • Beaver Novello Moss have been handling my accounting and tax needs for over 25 years. During that period of time I have found them to be reliable, professional and very up to date with the ever changing and complex Australian and Superannuation systems.

    Their guidance and advice on all things financial has proved to be invaluable. I can rest easy knowing my taxation and superannuation obligations are being handled by a group of professionals who give friendly and personal service.

    Max Keech
    Proprietor
    Tuncurry Auto Spares

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