The ATO is warning employers to “not to leave it too late” to get ready for SuperStream.
Philip Hind, ATO’s National Program Manager, Data Standards & E-Commerce (SuperStream), warned all large and medium-sized employer that the window to prepare for SuperStream “is closing fast.”
Employers with 20 or more employees need to comply with SuperStream by 30 June 2015. Small employers, those with fewer than 20 employees, have until 30 June 2016.
“Don’t wait until the end of the financial year to get ready. We recommend employers start using SuperStream one to two payment cycles before the deadline to allow themselves to become comfortable using the new standard before it becomes compulsory on 30 June 2015,” said Mr Hind.
“For employers who pay quarterly, there are only two payment dates before 30 June 2015, so we strongly urge these employers to ensure they have a SuperStream solution in place as soon as possible,” he said.
“Employers are reporting a more streamlined super experience, once they get over the initial hump of preparing for SuperStream.”
The ATO is running an induction process to certify SuperStream solution providers. Currently “30,000 SuperStream-compliant contributions are being processed each week.”
“Early signs of SuperStream success include more automated processing of contributions all the way to member accounts and faster reconciliation and allocation of money.”
SuperStream sends superannuation contributions information electronically in a standard data format.
“Employers can expect that payment processing costs will be reduced by removing cheques and unnecessary variation in payment methods between funds,” said Mr Hind.
The ATO says that “any employer who has not yet started to prepare for SuperStream should act now.”
The date for SMSFs to be SuperStream-compliant, where necessary, has already passed.
Update: the ATO has released a SuperStream certified product register, which “enables employers to identify the readiness of payroll software and other service providers to meet SuperStream requirements.”
Want to be kept up-to-date with SMSF and Superannuation changes – why not subscribe to our Newsletter?
This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.