Of all the tasks small business owners face, administration relating to employee superannuation is regularly voted as one of the most time consuming and frustrating. However, hundreds of thousands of Australian businesses are already enjoying the benefits of switching to SuperStream, the new payment system that does away with cumbersome processes. If your business hasn't already made the change, it's time to make it a priority.

SuperStream is a range of reforms introduced as part of the Australian Government's Strong Super package. In simple terms, it means paying super and sending employee information across the super network – between employers, funds, service providers and the ATO – in a standard, industry approved electronic format. No more cheques to send or paper to post; everything is done online.

Last year, larger businesses were required to change over to the new system. 30 June 2016 is the deadline for all businesses with fewer than 20 employees to make the switch.

The beauty of SuperStream, particularly for time-poor small business owners, is the introduction of easier processes and subsequent reduced processing times. With a simpler, consistent method for making super contributions, setting up super accounts for new employees and providing required data to the ATO, you may find yourself with valuable extra time to devote to other aspects of your business.

And the benefits don't end there. Not only are contributions allocated to employees' accounts much faster, the introduction of SuperStream also means the chance of errors is greatly reduced, sparing business owners the frustration of dealing with "please explain" enquiries from multiple super funds. So, wins all round.

But, with less than 80 days to go before the June 30 deadline, the clock is ticking. Employers who haven't yet taken steps to incorporate the required changes need to get their skates on to make sure everything is in place for the transition to the new system.

Part of SuperStream's appeal is that it offers a range of choices for implementation. Business owners can choose from:

• Their own super fund's online system;
• A clearing house;
• A payroll system that is SuperStream ready; or
• A messaging portal.

If your current accounting software or payroll system doesn't offer a SuperStream solution, then help is at hand. First up is courtesy of the ATO. Their Small Business Superannuation Clearing House is a free, online service specifically designed for employers with 19 or fewer employees. It's also ideal for businesses with an annual aggregated turnover of less than $2M per annum.

Designed to cut admin and compliance costs, this ATO-administered service means businesses can make a single super guarantee electronic payment and the clearing house then distributes the correct payments to the various employees' funds. You can find out more about how this free service works by visiting the ATO website at   www.ato.gov.au and typing SuperStream in the search function.

Help can also be found through a number of other providers.

• Australian Super helps individuals and entities at all levels meet their super responsibilities. Visit their website at www.australiansuper.com and find out how QuickSuper can assist your business.
• National Australia Bank's wealth management division, MLC, provides superannuation advice and support to corporate, institutional and retail customers. More information on MLC's SuperEzy programme can be found at www.mlc.com.au.
• Organisations large and small can also contact Superchoice, a leading specialist superannuation contribution exchange service. More information can be found at www.superchoice.com.au.

Superannuation Deputy Commissioner, James O'Halloran, says that details are already coming in of reporting processing times being cut by as much as an impressive 70 per cent, so it's clear that   SuperStream really is good news for Australian small businesses.

But probably its biggest benefit is that it's a genuine time saver, giving owners much needed space to concentrate on growing and running their enterprise; allowing them to focus more fully on the needs of their employees.

If you have any questions regarding how to comply with SuperStream obligations for your business, KDA Group can help. Simply give us a call on 02 4861 8383 and we'll be glad to assist.