You need to know all about it if you have an SMSF and receive super payments from an external employer.
Super stream is commencing from 1 July 2015 for all employers who employ 19 or less employees.
Big Win – contributions to SMSF’s from associated parties (directors/family members businesses) are exempt from super stream and contributions can continue to be made in the usual/direct way.
For others to meet your obligations you can register with The Small Business Clearing House by clicking here, tick at the bottom of the page so that you can proceed to register.
The Clearing House operates so that there is 1 point that superannuation for all of your employees is paid to – At the end of your super reporting period you notify and make payment to the clearing house who then disperse the funds to your employees super fund accounts within 48 hours.
Click here to view common queries from employers.
Should you have any further queries please contact our office for assistance.