Superstream Update
June 7th, 2014
The Federal Government will phase in new superannuation contribution reporting requirements from July 1, 2014.
Under the government’s new Super Stream system, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
Employers with 20 or more people are required to make super contributions in the new SuperStream format by no later than June 30, 2015.
Employers with less than 20 people need to make super contributions in the SuperStream format by no later than June 30, 2016.
Employers can voluntarily adopt SuperStream from July 1, 2014 if they are ready.
Employers have options for meeting SuperStream – either using software that conforms to SuperStream; or using a service provider, such as First Super, who can meet SuperStream on their behalf.
Employers with less than 20 employees are advised to use the Australian Taxation Office’s Small Business Superannuation Clearing House, a free service to enable them to make superannuation contributions and meet their SuperStream obligations.
The change removes many of the complexities employers currently face as a result of funds being able to set up different arrangements for accepting contributions (due to the lack of common standard).
What is First Super doing First Super is evaluating a number of options to assist employers in meeting SuperStream obligations. First Super will contact employers again shortly to let them know what it will do to assist with SuperStream.
Employers with questions about SuperStream or the free ATO clearing house should call First Super on 1300 360 988 for further information.
Alternatively, the ATO small business clearing house can be contacted directly on 1300 660 048.
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.