ATO releases SuperStream video for tax professionals

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The ATO has released a video for tax professionals with advice for implementing SuperStream for clients, including businesses, SMSFs and as part of a SMSF administration service.

Some important things covered in the video:

  • Employers can start using SuperStream from 1 July 2014
  • The ATO expects most employers will be using SuperStream by December 2014
  • SuperStream standardises contributions data “so whether contributions are being sent to a default fund, a major choice fund or an employee’s self-managed super fund (SMSF), super contributions are treated in a similar way”
  • The ATO encourages all employers to have a plan to implement SuperStream – “the earlier a business transitions in to SuperStream, the earlier it will see the benefits and the less chance it will get caught short for time”
  • The ATO is committed to raising awareness and educating in the first two years of the SuperStream process

Phillip Hind also has some advice to tax professionals in different sectors:

Tax professionals giving advice to business clients

    • Businesses with 20+ employees should “start preparing now to get ready”, including by:
      • updating payroll software
      • use of a clearing house
      • use of a payroll service
      • use of default fund portals
    • Make use of the ATOs SuperStream employer checklist
    • Though large employers have until 30 June 2015, the “ATO is urging employers not to delay and get on with preparations now”

Tax professionals giving advice to SMSFs

  • If an SMSF receives contributions from medium or large employers they should “start preparing now for SuperStream to ensure they are ready to receive contributions electronically”
  • When an employer starts using SuperStream the SMSF should “at the very least” have an implementation plan, or preferably “be ready at the same time”
  • Up to 30 June 2015 the ATO will provide “compliance flexibility” for SMSFs receiving contributions from medium/large employers, “but this flexibility will only be provided where a genuine attempt to get ready is being made”
  • SMSFs receiving contributions from small employers have an additional year to be ready for SuperStream
  • If a SMSF only receives contributions from a related party employer there is no requirement to use SuperStream

Tax professionals providing SMSF administration services

  • SuperStream should simplify administration of employer contributions
  • Administrators should check with software providers for details of updates for SuperStream
  • Administrators should consider a “bulk registration” with a messaging service provider

The video and transcript are available on the ATO website.

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