Are you ready for the SuperStream?
From 1 July 2015, all employers are required to provide contributions and relevant data electronically to all superannuation funds, including SMSFs. This will provide a consistent and more efficient process for receiving contributions, improve data quality and simplify the employer’s obligations
What is SuperStream?
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.
What date do I have to be compliant by?
To be compliant means that you have to have updated your payroll records, updated your payroll system, connected to your provider and undertaken a trial by your applicable date. It is imperative to start this process early and not to leave it to the last minute.
Large employers, being employers with 20 or more employees, will need to be SuperStream compliant before the 31 October 2015.
Small employers being employers with less than 20 employees, have until 30 June 2016 to be SuperStream compliant.
It is suggested that you start the process of becoming SuperStream compliant 120 days before your deadline to ensure all compliance measures are met.
The following link is to the ATO’s employer checklist and suggested timing: https://www.ato.gov.au/Super/SuperStream/In-detail/What-you-need-to-know/Employers/Employer-checklist—A-step-by-step-guide-to-preparing-for-SuperStream/?page=2#Employer_checklist
What happens if I’m not compliant?
The ATO will assess your individual efforts to get ready for SuperStream, however there is a chance you could face ATO compliance actions, including monetary penalties. These will be applied on a case-by-case basis consistent with the SuperStream compliance statement found here: https://www.ato.gov.au/Super/SuperStream/In-detail/Contributions/SuperStream-compliance-statement—employers-and-SMSFs/
To find out more about how to become SuperStream compliant contact us at www.www.klmaccountants.com.au or on 49080400.