Accountants understand that setting up a new business can be time-consuming. Between choosing the right structure, taking care of registrations and licences, setting up the accounts, and making sure they have a watertight business plan, it’s easy for super to become an after-thought. But it’s worth putting aside some time now to discuss super options with your client so it doesn’t become a headache later.
Without a compliant super solution at the ready, business owners could find themselves in breach of their legal obligations. They may also put their future financial security at risk.
It’s also important for small business owners to remember their own superannuation. Recent research shows that business owners and the self-employed have lower average super balances than employees even though they tend to be older, and that around one in four have no super savings at all. 
Establishing a default super fund
It make take a while for your client to build up their business, but as soon as they hire employees and start paying their super contributions, they’ll need to make sure they offer a fully compliant default fund. Unless an eligible employee chooses their own super fund, their contributions must be paid into a MySuper approved fund — a simple, low-cost fund that meets specific standards set by the government.
Essential Super for business is a MySuper approved fund, so your client may use it as a default fund to help them easily meet their super obligations.
Meeting SuperStream requirements
SuperStream was introduced in 2016 as part of the Stronger Super government reforms, with the aim of improving the efficiency and transparency of the super system. Under SuperStream, all employers must submit employee information and super contributions electronically (with an electronic funds transfer or BPAY®) via a SuperStream compliant payment channel.
This can be done using either:
- A payroll system set up according to SuperStream standards.
- A super clearing house. Businesses with 19 or fewer employees, or less than $2 million in turnover, can use the government’s small business clearing house for free.
- The super fund’s online platform.
Essential Super for business takes the hassle out of SuperStream compliance by providing your client with a simple online platform to update employee details and pay their super contributions electronically.
Offering competitive fees and insurance
Meeting regulatory obligations, while extremely important, is only one part of what your client’s super
solution should offer. They also need a fund with competitive fees and appealing insurance options so
they can build their retirement savings and look after their employees’ future.
Essential Super for business won’t charge any fees to your client, and their employees will benefit from competitive fees. What’s more, members of the fund will automatically receive Death and Total & Permanent Disablement (TPD) cover if they’re under 60, provided they have money in their account within 120 days of opening it.
As a business owner yourself, you know there’s enough to do when running a business, without spending hours each quarter managing super contributions.
That’s why Essential Super makes the process easy. Each business client has a dedicated NetBank dashboard to manage super contributions for employees. Regardless of whether employees are members of your client’s default fund, their own chosen fund, or an SMSF, your client will be able to enter their super fund information and pay super contributions online, in one easy location.
And they can manage super contributions alongside their other business accounts.
How to get started
To discover how Essential Super could help your clients start out on the right foot, learn more online, call us on 13 4074 (8am to 7pm (AEST), Monday to Friday), or email firstname.lastname@example.org
 Research from the Association of Superannuation Funds of Australia (ASFA), Super and the self-employed, May 2016.