SuperStream Simplified

May 17, 2016 by Sofia Eastmond

superstream superannuation - Saasu Online Accounting

Echidna Sewing have been a long customer of Saasu's. Erik Merkley, Echidna's General Manager, had a few questions for our Customer Experience last week about SuperStream and, after talking to us, he ended up writing a blog post about the changes, and how easy they are to implement in Saasu. So if you want to find out just how easy managing Superannuation for your business can be, read on...

It’s not every day that the ATO makes life easier for a small business owner. I was as surprised as anyone to discover just how awesome their new SuperStream standard is.

SuperStream is actually a way for superannuation funds to talk amongst themselves, and the details don’t really matter. What’s great for small business is the new “clearing houses” it enables.

Like most businesses, we used to pay super for our 30 employees in a tedious, repetitive process. We’d work out the super outstanding for each employee, write cheques or BPay to over a dozen different funds, then login to a multitude of online systems to submit payment details. Yikes!

Now we use a clearing house (we’re with SunSuper, but all the majors offer something similar).

Every three months, we run the Superannuation Payments Report in Saasu. This works out the outstanding amounts for each employee and super fund. With one click, Saasu creates the purchases and applies payments automatically. It then creates a special file in the SuperStream format. This gets uploaded to SunSuper’s online clearing house and they take a single direct debit from our bank account – for ALL our employees!

superannuation-payments

They look after splitting up the payment and forwarding it on to other funds, and make sure those payments go to the right employee account as the right contribution type. Paying super becomes a ten minute process from beginning to end. Plus you never have to deal directly with a superannuation fund again!

It might sound complicated, but SuperStream is actually pretty easy to set up and a huge time saving if you have more than a couple of employees. It’s also worth pointing out that it’s compulsory for all businesses in Australia from 30 June 2016.

The ATO might have made a confusing website and explained SuperStream poorly, but they really have reduced the bureaucratic mess that superannuation used to be.

Erik Merkley, General Manager of Echdina Sewing
Beloved Saasu customer

Echidna Sewing are one of Australia’s leading suppliers of sewing and embroidery machines for home and business. Embroidering your logo on staff shirts in-house saves money, avoids long lead times and makes it so easy to personalise. Visit www.echidnaclub.com.au or call 1800 000 360.

If you want more details about how to handle SuperStream in Saasu, head over to our Help Centre and check out this article. If you have questions after that, get in touch with our Customer Experience Team. We'd love to help.