SuperStream deadline: June 30
- Are you and your small business ready for the changes?
- Do you have 19 or fewer employees?
- Are you an SMSF Trustee? Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically.
- APRA – regulated funds
From1 July 2016, the ATO’s SuperStream standards are set to be enforced.
- If you are a larger employer, you should already be using SuperStream
A Brief Overview
SuperStream was introduced by the Government as a part of the Stronger Super reforms. This new standard requires employers to pay and report contributions to superannuation funds electronically. Both the payment and the reporting will need to be completed on the same day.
- These measures don’t apply to individuals who are making personal contributions direct to their superannuation funds, only employers.
SuperStream will make it easier for you
- You need to use SuperStream when paying employees super.
- With SuperStream contribution payments are made electronically and you can pay all your employees super; sending all their information through one channel; saving you time and effort.
You should have already started transitioning by choosing an option to make super contributions electronically:
- Your pay role system
- Your super funds online system, or
- The Small Business Super Clearing House (SBSCH). This is a free service administered by the ATO whereby you can make super guarantee contributions as a single payment to the clearing house and it distributes the payments to the employees fund/s.
- Outsource to payroll/salary packaging provider
- Accountant or bookkeeper
- Some banking institutions
Please give us a call if you need some advice regarding these options.
Next: You need to collect the following information on your employees:
- Their Tax File Number (TFN) and,
- A Unique Super Identifier (USI)
- Super fund ABN
- A Unique Superannuation Identifier (USI) (APRA regulated funds only)
- For employees who have selected a SMSF for their contributions, they will also need to provide their Fund’s Bank Account details and Electronic Service Address (ESA)
Once his is done, these details must be entered into your preferred system.
Start using SuperStream as soon as this process is completed so that any problems can be solved before 30 June, 2016.
For new employees, the ATO has updated the Super Choice form to include collection of the extra information required.
If you any questions on how SuperStream will change the way you make super contributions for employees, please contact McAdam Siemon.
Brisbane: 07 3421 3421
Sunshine Coast: 07 5474 8955