1.     What are the new small business SuperStream laws? And why is the government making you do this?

If you're still paying your employees' super with bank transfers (or worse still, cheques), then you need to change the way you do things - and fast.

From 1 July 2015, if you make super contributions for employees you must make those payments online.

This means you'll no longer be able to pay by cheque (yes, some super funds still insist on being paid that way). And chances are a bank transfer won't cut it either because you'll also need to include other details such as the employee's name, Tax File Number and Super Fund member number.

As for why the government is making you do this, quite simply, it's to make it easier for them to track down any business owners who don't pay their quarterly super payments on time. And then to issues harsh penalties for anyone who doesn't comply.


2.     How do you get set up for SuperStream?

As part of the new rules, as of 1 July 2015, you need to set up your bookkeeping software so that it can do the following:

-          send all mandatory data in the specified format;

-          make payments electronically;

-          link data and money with a payment reference number;

-          respond to super fund requests for member information within 10 business days.

If it can't, then you need to update your software FAST.

 

3.     Three Reasons the SuperStream Rules are an Opportunity to GROW YOUR BUSINESS

1.     less bookwork

2.     less admin

3.     more PROFIT!


Here's t
he bottom line? If you're not using an electronic bookkeeping system, you need to make the switch.

The good news is that Cloud-based bookkeeping software is making life a lot easier for business owners, especially if you move around a bit in your working day. Cloud bookkeeping software allows you to do your books anywhere, anytime, on any device. Invoice on the spot with your smart phone, check who owes you money, and thereby improve your cash-flow. And we all know cashflow is still king.

The difference between Cloud-based software and your traditional desktop software is that it provides a view of your financial information in real-time. The software automatically imports your bank statements daily so you can keep abreast of your cashflow, and has a full suite of accounting features such as invoicing, payables, expense claims, GST, reporting and much more.

So doing your bookwork becomes significantly easier (seriously, don't we all want that?) and faster allowing you to spend time concentrating on growing your business and your profit.

 

What Next?

VIP Client offer - Free "Uncloud My Vision in 45 minutes" breakdown session. It's a one on one session with me designed for business owners who are frustrated by keeping up with bookwork, having to "guesstimate" your position when making financial decisions, and not understanding what the numbers mean for you, when you'd rather be spending time in your business making money.

In 45 minutes we'll look at:

-          What you need to do to get ready for the new SuperStream laws 1 July;

-          Whether your current software is capable;

-          A breakdown of the pros and cons of moving your business to the Cloud and saving yourself a considerable amount of time and grief.

Booking in for your session is easy, you can:

1.       Click here and we'll call you to make a time

or

3.       Call us on 9725 2533 to make a time

Looking forward to seeing you soon.

Cheers,

Ron Zamora