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SuperStream Changes Coming Soon for Small Businesses

SuperStream Changes Coming Soon for Small Businesses

Author: Admin/Friday, March 27, 2015/Categories: Blog

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In 2014 the Australian Taxation Office introduced SuperStream for large (20+ employees) businesses, and in 2015 it’s the turn of small businesses. If you employ fewer than 20 people, read on to learn about what you need to do to comply. And if you’re a large business that is still not compliant with SuperStream, you have until 30 June 2015 to do so.

 

What is SuperStream?

 

SuperStream is a new data and payment standard relating to superannuation payments that businesses make to their employees. The government wants to standardise super contributions made to employees, ensuring that data and payments made electronically are consistent. SuperStream is mandatory for employers making super contributions, APRA-regulated super funds, and self-managed superannuation funds (SMSFs) receiving contributions.

 

What do I need to do to ensure my business complies?

 

Depending on how your business makes super contributions, you may need to make changes to ensure your payroll software is compliant with SuperStream. If you are a large (20+ employees) business, this needs to be done by 30 June 2015. If you are a small business, SuperStream applies from 1 July 2015 and becomes compulsory on 30 June 2016.

 

If you use a clearing house that submits data and payments electronically on your behalf in accordance with SuperStream, you may not have to make any changes. However, in some cases you may need to provide additional data in the payroll file you send:

 

·         Unique superannuation identifier (USI) for APRA-regulated funds

·         ABN for SMSF funds

·         Bank account details

·         Electronic service address.

 

Your default fund will be able provide you with details about how to comply with the SuperStream using their preferred facilities.

 

Information to collect about SMSFs

 

If you have an employee who is a member of a SMSF, they may need to provide you with additional details to enable you to deal with them electronically via SuperStream. You’ll need the ABN of the SMSF, their bank account details and an electronic service address. Remember that large businesses need to be compliant by 30 June 2015, so if you are in this boat lead-time for gathering this information from your employees is shortening.

 

Unsure about SuperStream changes? Talk to bTa Vantage

 

We’ll help you ensure your company is compliant with the changes. Contact us if you need help.

 

Disclaimer: This information is generic in nature and provided on a discretionary basis only. You must always seek professional advice regarding its applicability to your own circumstance.

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