Are you ready for Superstream?

Employers with 20 or more employees are reminded they have less than three months to comply with new Superstream reporting obligations. SuperStream is being introduced to provide more efficient superannuation processing which should, ultimately, mean a reduction in costs for employers managing their employee superannuation contributions.

The SuperStream data and payment standard is part of the government’s super reform package. It aims to provide a safe, secure and more reliable way of processing everyday transactions such as employee data and payments to super funds via an electronic and standardised data system.

After implementation, companies should need to spend less time dealing with employee data and fund queries. Automation should also greatly reduce the costs of processing employee contributions and payments.

All employers will be required to use SuperStream to provide their employee data and payments electronically to super funds. For businesses with 20 or more employees, employers need to be Superstream compliant by no later than 30 June 2015. For businesses with 19 or less employees, employers have 12 months from July 1, 2015 to comply with the SuperStream changes.

Businesses should have a plan in place and perhaps use a checklist to meet the Australian Tax Office (ATO)’s compliance deadline. The ATO website also provides employers with information and guidance to help employers prepare for SuperStream.

Further information about SuperStream can be found on the ATO’s website.

This publication was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of the First Super superannuation fund (ABN 56 286 625 181). It does not consider your personal circumstances and may not be relied on as investment advice. Content was accurate at the date of issue, but may subsequently change. You should contact us on 1300 360 988 for updated information and to obtain a copy of the product Disclosure Statement.