With sensitive data and no space for errors, payroll is one of the most important compliance based priorities for most companies.
With heavy reliance on legislation and Government policies, capturing payroll details into a system and making sure all employees get paid the correct amount in a timely manner is not as simple as it may sound. The latest policy change in Payroll processing relates to Superannuation payments – SuperStream.
The Federal Government has implemented a new requirement were by all superannuation payment details provided by employers to Superannuation Funds need to be done via an electronic file. The aim of this change is to make superannuation payments consistent across all companies and make the process efficient for payroll staff. The deadline for companies to comply with this requirement depends on their size. Although the initial date was set as 1st July 2014, this has been extended to 31st October 2015.
Having implemented SuperStream within NAV at various clients already, I have seen the benefits it can bring to staff as well as the business. This result can however only be achieved with effort during the initial stage of data gathering and testing. Similar to the overall payroll process, SuperStream is not a module that you can simply install and start using immediately. It requires data set up related to Employee Superannuation membership and working with Superannuation Funds and clearing houses.
As we come closer to the Australian Taxation Office deadline, here’s a friendly reminder – Are you SuperStream ready?