Are you SuperStream ready?
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.
Who does SuperStream apply to?
SuperStream applies to all employers making super contributions, APRA regulated super funds and self-managed super funds (SMSFs) receiving contributions.
Why is SuperStream being introduced?
SuperStream will improve the productivity of the superannuation system by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.
What are the key timeframes?
Employers with 20 or more employees have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of employees.
From 1 July 2015, small employers (19 or less employees) should start making contributions using SuperStream and have 12 months to make the required changes.
What are the options for meeting SuperStream requirements?
Employers can meet SuperStream by dealing directly with a super fund, using payroll software or using a clearing house service.
How will SuperStream affect Self-Managed Super Funds?
SMSFs must be able to receive SuperStream contributions in accordance with the SuperStream.
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.
SMSF members need to provide their employer with their ABN, bank account details and electronic service address.
We can help
We can provide further assistance or information to ensure you are compliant with SuperStream by the required timeframes. Please let us know if you require our services.
Nicole and The Macro Group Team