As at 30 June 2016 it will be compulsory for you to comply with the ATO’s new SuperStream standard for superannuation payments.
SuperStream will require employers to lodge and pay superannuation electronically.
The ATO advises this system, through its standard format, will allow greater consistency between superannuation funds, employers, employees and the ATO.
It will allow for contributions:
- to be made in a single transaction
- processed faster, more efficiently & with less errors
- to be more reliably linked to employees accounts & reduce lost super
Ensure your superannuation process is compliant – Superannuation contribution data and payments can be made through a compliant payroll system, your super fund’s online system, a super clearing house or a messaging portal.
Collect new information & update records – Ensure you have the following information for existing employees:
- tax file number
- super fund ABN
- super fund USI
Ensure new employees complete a super standard choice form
Make SuperStream contributions
It is recommended that you make your first SuperStream contribution prior to 30 June 2016 to ensure your system is correct and compliant.
ATO will be hosting free webinars to help employers understand SuperStream and the necessary steps to help prepare for the change. The webinars will run from 10 February 2016 to 1 June 2016 and you can register here.
Alternatively, you can listen to a recorded webinar and access the presentation here.
If require assistance or would like to discuss SuperStream with an accountant, contact Optima Partners today!
ACCOUNTANT – OPTIMA PARTNERS