Friday, 18 July 2014
Tax Practice Update
SuperStream starting 1 July for many employers
Under 'SuperStream', employers will need to be able to make super contributions on behalf of their employees by submitting data and payments electronically.
Equally, all superannuation funds, including SMSFs, will need to be able to receive contributions electronically.
Employers with 20 or more employees
From 1 July 2014*, these employers should start using the SuperStream standard to send contribution data and payments electronically.
Note(*): The ATO is being flexible on the start date, provided the employer is doing their best to implement SuperStream, and has a firm plan to do so no later than 30 June 2015.
Employers with 19 or fewer employees
From 1 July 2015*, these employers will also be required to send contributions data and payments electronically. However, some may choose to implement SuperStream sooner.
Note(*): The ATO is also being flexible on this start date, provided the employer has a firm plan to do so no later than 30 June 2016.
Employers have two options for meeting SuperStream; either:
(a) using software that conforms to SuperStream; or
(b) using a service provider that can meet SuperStream on their behalf.
The ATO recommends that employers start investigating their options now, and has provided information and a list of providers on its website.
If you need any assistance with SuperStream please contact our office, and we'll be glad to get you started and walk you through the process.