Does your business employ 20 employees or more? If so, SuperStream will affect you this year. The ATO SuperStream July deadline is fast approaching and now is the time to make sure that your business is compliant.
The new requirements for SuperStream are being introduced to ensure that employer contributions are paid in a consistent, timely and efficient manner to a member’s account. SuperStream will require you to adapt your superannuation process and to collect additional information. The main change will be all data must be sent electronically in a standard message format, meaning no more hard copy reports can be sent and data cannot be faxed, emailed or posted.
We recommend that you find out what plans your payroll provider has for their software updates to meet these SuperStream requirements, set a date to start using SuperStream and don’t wait until 30 June 2015. Sage MicrOpay’s Express Super offers a solution for meeting these SuperStream requirements.
Express Super
Express Super is Sage MicrOpay’s clearing house service which will help you meet the new SuperStream requirements, giving you peace of mind that your contributions will be processed in the formats required by the ATO.
Minimise the time you spend on paying superannuation contributions with Express Super and protect your businesses against non-compliance and processing errors.
Express Super has been designed to accommodate all of the requirements brought about by the SuperStream reform.
Give yourself peace of mind that your obligations as an employer will be met under the SuperStream changes. Penalties will apply to employers who do not comply with these new rules, so reduce this risk today with Express Super. Find out more.
As of 1 July 2015, employers with 20 or more employees are expected to have switched over to a standardised electronic reporting system for contributions. Employers with 19 or fewer employees have another year to complete implementation, no later than 30 June 2016, and they are being encouraged to use the ramp-up time to prepare.
The initiative will require all super contributions to be treated the same way in an effort to simplify the way contributions are made to multiple super funds. It also promises to provide better information about the amount and timing of superannuation payments to employees, as well as whether the contributions have been received.
As of June 2010, the ATO estimated there were 33 million superannuation accounts in Australia, approximately three for every worker with a further 5 million accounts on the Lost Member Register. The ATO expects the new system, which takes advantage of electronic payment systems, to further benefit employers by reducing errors and costs by simplifying the back office functions.
