Get ready for SuperStream from 3 November 2014: ATO

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SuperStream, SMSF - 3 November 2014The ATO says that SMSFs should be ready for SuperStream from 3 November 2014.

SuperStream is the new electronic method of transmitting data about employer contributions to super funds. The ATO says this date is important because “by 3 November 2014, the majority of SuperStream solutions will have been tested and employers will be able to begin making payments through it.”

Large employers, those with 20 or more employees, began using SuperStream from 1 July 2014. There was some allowance made during the transition period – up to 3 November 2014. They have until 30 June 2015 to be compliant with the SuperStream standard.

Small employers, 19 or fewer employees, will start using SuperStream from 1 July 2015 and will have until 30 June 2016 to comply with the new standard. The ATO says small employers can choose to start using SuperStream from 3 November 2014.

In order for large and small employers to start using SuperStream super funds have to be ready to accept the contributions data.

The ATO says that:

SMSFs should be ready to receive employer contributions sent using SuperStream from 3 November 2014. From this date employers with 20 or more employees can begin sending contributions using SuperStream.

APRA super funds were given additional time, until 3 November 2014, to comply with the new data standard. They could also apply for a later date to be fully compliance with the SuperStream standard..

The ATO encourages SMSF trustees to contact the employers of members to confirm implementation dates.

“We will be focusing on supporting SMSFs during the introduction of SuperStream,” said the ATO.

Note that not all SMSFs will be required to use SuperStream. The ATO says SMSFs don’t need to use SuperStream if, the SMSF:

  • Only receives employer contributions from ‘related-party employers’; or
  • Only receives personal superannuation contributions from members; or
  • Does not receive any employer superannuation contributions

SMSF trustees, if they haven’t already done so, should contact their SMSF professional to discuss if their SMSF needs to use SuperStream, and the most appropriate SMSF messaging provider.

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