We can add this to the ever growing list of reporting obligations the ATO imposes on us as tax payers.
In part, this concept was put on the back burner by the ATO for 12 months until 1 July 2015, it is however, still relevant for large employers with 20 or more employees from 1 July, 2014 which begs the question; What is SuperStream?
The SuperStream data and payment standard is a set of minimum conditions for data and payment transmission including a minimum set of prescribed data. It is designed to improve the productivity of the superannuation system by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.
The key changes that business must be aware of are:
- Employers must make super contributions electronically
- Contribution data is sent electronically in a message format to the fund
What this means for business is you’ll have two options to assist compliance
- Utilise a software solution that conforms to SuperStream – this may involve upgrading to the latest version of your software
- Utilise a service provider who can arrange SuperStream compliance on your behalf
For those of you running a Self-Managed Superannuation Fund (SMSF) there are a couple of key items to consider, noting these mainly only affect you if your fund is receiving contributions by a large employer.
You will need to provide your employer with the following details.
- Your SMSF's Australian Business Number (ABN)
- Your SMSF's bank account for receipt of contribution payments (BSB and account number)
- An electronic service address for receipt of a contribution data message. We recommend the use of Australia Post’s service which can be organised though our office, alternatively you can seek a service address through another provider.
Key action items
- If you are employed by are large employer and have an SMSF, please contact our office to organise an electronic service address
- If you are a large employer, prepare to implement SuperStream before the end of the financial year 2015
- Those with 19 or less employees, prepare to implement SuperSteam from 1 July, 2015.
As with any new compliance matters, HTA Advisory is here to assist.
Please ensure you contact our office should you require any further information in relation to this or any other matter.