While many business owners have self-managed super funds (SMSF), the majority of Australians continue to use industry equivalents instead.
Whether you are a small medical startup with only a few employees or a larger practice with plenty of full-time staff, you will know that dealing with your employees superannuation can take a big chunk of time out of your day: time that would be better spent performing your primary medical role.
Thankfully, just like using an automated payroll system for your business costs, there are ways of electronically easing the burden of superannuation payments too: One of these is SuperStream.
Easing life for business owners
SuperStream has proven to be very popular among business owners. Recent Australian Taxation Office (ATO) data has found that over 70 per cent of super fund contributions to Australian Prudential Regulation Authority (APRA) funds are being sent in the new SuperStream electronic format.
“This is good news for the millions of super fund members who receive employer contributions,” said James O’Halloran, Deputy Commissioner for Superannuation for the ATO.
“We are now seeing the promise of SuperStream efficiencies being delivered.”
Reducing running costs
Of course, the less time you spend dealing with administrative issues, the more you can commit to bettering your business – always a boon for your bottom line. However, finding better solutions to your business issues has become even more important, as SmartCompany reports that the cost of running an enterprise has slowly been increasing over the last few years: ATO data shows that more and more is being spent on commercial property rents every year.
Clearly, ensuring that you cut costs and increase productivity elsewhere is paramount in the modern world. For more information on streamlining your business with the right electronic systems, get in touch with the payroll solutions experts at DBS Accountants today.