What is SuperStream?
SuperStream is a new Government reform to simplify the superannuation system and make the payment and reporting of super contributions more efficient. Under the SuperStream reform super contributions MUST be made electronically and pass through the SuperStream Network.
What does that mean for employers?
SuperStream will set a standard for minimum data reporting and payment transmission requirements. Employers will have to use an online solution to make super payments and Super Funds will have to receive contributions via an online solution. There will be a minimum set of standards for data sent and tax file numbers will be the primary identifier for super fund accounts.
Xero makes the SuperStream transition for employers easy!
As of last year Xero included the “Auto Super Payment Feature” as part of all of their business edition bundles.
What does this mean for SMSFs?
For SMSF’s to comply with the standard, every SMSF that receives employer contributions will need an electronic service address (ESA) and the software to receive their SuperStream data. Trustees will need to provide this address to their employer in order to receive their contributions. So if you are a Trustee of an SMSF speak to ATB Chartered Accountants.
When does this all Happen?
It’s happening now! If you are an employer and have 20 or more employees your SuperStream you will need to be fully implemented by 30 June 2015. Employers that employ less than 20 people will have until 30 June 2016. For Trustees of SMSFs, it will depend on your situation, however, you can’t be ready too soon so speak to your accountant today!
This article is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of your specific circumstances.