Important changes to how you pay Superannuation are coming – are you ready?
Businesses employing 20 plus staff need to comply with the new SuperStream standards from 1 July 2014, but those businesses employing up to 20 staff will have a further 12 months until the new standards become mandatory.
What is SuperStream?
SuperStream is a government reform aimed at improving the efficiency of the superannuation system.
Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
How will SuperStream benefit employers?
These changes have a range of potential benefits for employers, including:
the opportunity to use a single channel when dealing with super funds, regardless of how many funds your employees contribute to
less time spent dealing with employee data issues and fund queries
greater automation and reduced cost of processing contributions and payments
more timely flow of information and money in meeting your superannuation obligations
Who does SuperStream apply to?
SuperStream is mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation funds (SMSFs) receiving contributions.
When do I have to start using SuperStream?
If you have 20 or more employees (medium to large employer) SuperStream starts from 1 July 2014. From that date, employers will start implementing SuperStream and you have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees1.
If you have 19 or fewer employees (small employer) SuperStream starts from 1 July 2015. You have until 30 June 2016 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employees.2 Note that you can voluntarily adopt the SuperStream from 1 July 2014 if you are ready and many solution providers may offer to assist you to do this from this date onwards.
For further information or assistance on SuperStream, please contact our office on 9808 5247 and ask for Peter.
