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Employers and SMSFs must prepare for SuperStream
SuperStream is part of the government’s Stronger Super initiatives which aim to make our super system more efficient, accurate and streamlined. SuperStream involves changes to the ‘back office’ administration of super and includes the introduction of mandatory online payments and data standards. SuperStream will make online transactions mandatory for all employers, effectively phasing out the use of cheques and paper-based contribution methods.
With the 30 June 2015 deadline fast approaching, for employers with 20+ employees to be compliant with SuperStream data requirements , the ATO is urging these employers to act now to ensure they are SuperStream ready.
For employers with 19 or less employees, SuperStream starts from 1 July 2016 and you have until 30 June 2016 to be ready.
The ATO has also reminded employees of these taxpayers who are members of a self-managed super fund (SMSF), that they have the same deadline.
For SuperStream to work efficiently, employees with SMSFs must provide relevant e-commerce details to their employer so they can update their payroll system.
This information includes the SMSF’s:
- Australian Business Number (ABN)
- Bank account details; and
- Electronic service address (ESA)
In the event that an SMSF member fails to provide this information to their employer in time for the employer to get ready, the employer may request that the employee completes a new choice form.
Therefore, the ATO recommends that SMSFs provide these details to their employer at least 30 days prior to the date the employer will start sending contributions using SuperStream, to allow enough time for the employer to manage the changes and ensure the SMSF has no interruption in maintaining their contributions flow.
For KSG SMSFs clients that use Class Super system, you can obtain the SuperStream ESA Notification by clicking the link below and provide the ESA to your employers.
Download here: Class Super SuperStream ESA Notification
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