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Preparing for SuperStream

Preparing for SuperStream

14 October 2015

Over the past few years there has been talk on the much anticipated SuperStream- a package of reforms designed by the government and implemented by the ATO, with a goal of improving the efficiency of the superannuation system. 

The SuperStream reform provides a new standard for employers when making superannuation contributions. This allows employers to send contributions electronically in a standard format with linked data and payments.

Key dates

Employers with 19 or fewer employees, SuperStream needs to be implemented no later than 30 June 2016.

Employers with 20 or more employees, SuperStream needs to be implemented no later than 31 October 2015.

Employer checklist

If you are an employer, the below step-by-step guide will help you prepare for SuperStream.

Step 1To use SuperStream, you need to pay superannuation contributions electronically. There are three main options to do this including:

Step 2 - Ask your employees for the following information, if you don't have it already:

  • Fund ABN
  • Fund tax file number
  • Unique Superannuation Identifier (USI).

If your employees have a self-managed super fund (SMSF), they need to give you slightly different information:

  • Fund ABN
  • Fund tax file number
  • Fund bank account details
  • Fund electronic service address.

Step 3 - Once this information has been collected, enter it into your system and you’re ready to start using SuperStream.

Boyce recommends you to start using SuperStream well before the deadline, allowing you to enjoy the benefits sooner and ensure everything is running smoothly.

For more information on SuperStream, the ATO is running a series of free webinars that are designed to help employers in specific industries understand SuperStream and the steps necessary to prepare. Click here for dates and details on how to register.

Source:
Australian Taxation Office - www.ato.gov.au/Super/SuperStream/In-detail/Contributions/Employer-checklist---A-step-by-step-guide-to-preparing-for-SuperStream/?tpissue-37-2015

 

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