The ATO is reminding automotive and repair business owners who employ 19 or fewer employees (small businesses) that they need to pay their superannuation obligations via SuperStream.
SuperStream is the new standard for all businesses nation-wide, which involves making super contributions electronically, saving time and money. It came into effect on 1 July, 2015.
Those paying superannuation on behalf of automotive and repair employees will now be able to pay contributions to multiple super funds in one transaction.
In order to make the change, employers should choose an option that best fits their business, such as upgrading payroll software, engaging with their tax agent or bookkeeper, or using a clearing house. Super funds will also have a range of ways they can help employers make the change.
Key facts about the automotive and repair industry:
- 29,695 employers in the automotive and repair industry need to implement SuperStream.
- This includes 27,022 with 19 or fewer employees (SuperStream deadline: 30 June 2016) and 2,673 with 20 or more employees (SuperStream deadline: 31 October 2015).
- Approximately 8 out of 10 automotive and repair employers already use online banking, therefore are familiar with making financial transactions electronically.
- Most employers in the automotive and repair industry use a bookkeeper or their spouse to manage their super payments.
- Eleven per cent of automotive and repair employers use the Small Business Superannuation Clearing House (SBSCH) so already meet SuperStream requirements. Many others meet their SuperStream obligations through their payroll software, using their fund’s online payment system or a bookkeeper on their behalf.