April 2015 newsletter
SuperStream dates are looming!
We first introduced you to the new SuperStream changes in our March 2014 Newsletter. SuperStream is the new data and payment standard (the standard) designed to improve the operation and efficiencies of rollovers and contributions in the superannuation system.
All employers and superfunds are required to make and receive super contributions and transmit related data in an electronic format that complies with the standard.
Dates of implementation
From 1 July 2014:
- Medium to large employers (with 20 or more employees) started using the standard to send contribution data and payments electronically. These employers have until 30 June 2015 to finalise their implementation and meet all the requirements.
- All super funds (including SMSFs) must receive any employer contributions sent to their fund in accordance with the SuperStream standard.
From 1 July 2015:
- Small employers (with 19 or fewer employees) will also be required to use the standard to send contributions data and payment electronically. These employers have until 30 June 2016 to finalise their implementation and meet all the requirements.
What do you need to do?
Employers have options for meeting the SuperStream requirements by either using:
- A software solution that conforms to SuperStream
- A service provider who can arrange SuperStream compliance on your behalf
Your options may include:
- Upgrading your payroll software
- Using an outsourced payroll or another service provider
- Using a commercial clearinghouse, or, for employers with 19 or fewer employees, using the free Small Business Superannuation Clearing House
Did you know?
All Australians receive financial support for their retirement from the government through either the Age Pension, tax concessions through super, or a combination of both.
When both of these forms of assistance are summed across a lifetime, all Australians receive around $300,000 across all tax brackets as a contribution by the government to their retirement.
That is, everyone receives the same amount of assistance from the government — the only difference is the timing and vehicle through which it is delivered.
Source: ASFA’s Mythbusting superannuation tax concessions — March 2015