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Are you ready for SuperStream?

Are you ready for SuperStream?

9 June 2015

The way employers pay superannuation contributions is set to change this year with the introduction of SuperStream. 

By way of background, SuperStream is a package of reforms designed by the government and being implemented by the ATO, with a goal of improving the efficiency of the superannuation system. 

The SuperStream reform is designed to enhance the 'back office' of superannuation with new processes of managing data and payments that business owners have to comply with when making superannuation contributions for their employees.

SuperStream requires employers to make superannuation contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.

In summary, for employers with 20 or more employees, SuperStream started on 1 July 2014. From this date employers needed to start implementing SuperStream and have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of their employees.

For employers with 19 or fewer employees, SuperStream starts from 1 July 2015 and they have until 30 June 2016 to meet the SuperStream requirements. Please note majority of super funds will not accept any cheques for superannuation contributions from 1 July 2015 they will have to be paid electronically.

All self managed superannuation funds (SMSF) administered by the Boyce super team have been SuperStream compliant since 1 May 2014. SuperStream will not affect your SMSF if it:

  • Does not receive any employer contributions
  • Only receives personal contributions made by members
  • Only receives contributions from related-party employers

It is the employer's responsibility to ensure all required data and payments are provided in a SuperStream compliant format. For more information or details of your electronic service address for your SMSF speak with your local Boyce accountant or the Boyce Super Team in Cooma on 02 6452 3344.

Source: Australian Taxation Office https://www.ato.gov.au/general/other-languages/in-detail/information-in-other-languages/superstream-employer-checklist/

 

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