Reminder on SuperStream obligations

Employers with 20 or more employees are reminded they need to be SuperStream compliant from June 30, 2015.

Employers with 19 or less employees have until June 30, 2016. SuperStream is a government reform aimed at improving the efficiency of the superannuation system.

Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

Employers can voluntarily adopt SuperStream from July 1, 2014 if they are ready.

Advantages for employers

The Australian Taxation Office says the advantages of using SuperStream include:

• a single channel when dealing with super funds
• less time spent dealing with employee data issues and fund queries
• greater automation and reduced cost of processing; and
• more timely flow of information and money.

First Super can help

Employers have options for meeting SuperStream by using software that conforms to SuperStream or using their payroll provider to do so.

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.

SuperStream 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).

Options available

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). The information is not investment advice and does not take your personal circumstances into consideration. You should consult the product disclosure statement (PDS) before making any decision. Content was accurate at the date of issue, but may subsequently change. You should contact First Super on 1300 360 988 for updated information and to obtain a copy of the PDS.