By June 30th 2016 all employers must meet the new SuperStream standard. SuperStream has been introduced by the Australian Taxation Office (ATO) to electronically streamline the processing of superannuation data and payments. It allows employers to make all their contributions across various super funds in a single transaction and reduces the general public’s number of lost super accounts and unclaimed monies.
Does this apply to your business, if so, where do you start?
Firstly, there are a variety of different platforms you can use to meet your SuperStream obligation including, but not limited to;
- Payroll systems that meet the SuperStream standards – you can check to see if the system you are currently using is on the registered products list via the ATO website.
- Your super fund’s online system
- A super clearing house – The ATO offer Small Business Super Clearing House free to employers that have 19 or fewer employees and a turnover of less than $2 million a year.
To set up SuperStream you will need each employee’s tax file number, their fund ABN and USI. If your employees have Self-Managed Super Fund (SMSF) you will require a tax file number, their fund ABN, fund bank account and their fund electronic services address.
If you make personal super contributions to your superannuation fund or if you contribute to your own SMSF as a business owner, you are not obligated to comply with the SuperStream standards for your own contributions.
The ATO has stated that there will be financial penalties for non-compliance, however at this stage their primary goal is for employers to make a genuine attempt to comply. If you are a non-complying employer, the ATO expect you to have a compliance plan by the compliance date.
Please contact us if you require assistance with your business’s SuperStream set up.
Article Written by Sarah Craig
Sarah is a Qualified Accountant & Provisional Member of Chartered Accountants Aust & NZ.