The number of superannuation members benefiting from SuperStream continues to grow, according to the ATO. SuperStream is a new system to electronically transfer information about super contributions between employers and super funds. The ATO says that over 70% of members’ superannuation contributions to APRA-regulated super funds are now being sent using… Read More »SuperStream accounts for over 70% of APRA fund contributions
SuperStream is a Government program to improve back-office super fund efficiency by creating an electronic standard for reporting and paying employer superannuation contributions.
The Association’s Director of Technical and Professional Standards, Graeme Colley, said it was “imperative” for SMSFs to have an active Electronic Service Address to comply with SuperStream.
The ATO will begin contacting some small businesses that haven’t started using SuperStream, between October 2015 and March 2016.
The ATO has announced four months of “compliance flexibility” for large and medium employers getting ready for SuperStream.
Large and medium employers are scheduled to be fully SuperStream compliant from 30 June 2015. However Philip Hind, ATO’s National Program Manager for Data Standards & E-Commerce (SuperStream), has said the ATO will “extend its compliance flexibility to employers who are not yet SuperStream-ready by four months until 31 October 2015.”
The ATO says that over 1 million superannuation contributions are being made under the SuperStream standard each month, “marking a significant milestone,” and reminds small businesses to be prepared.
More than 50,000 employers are now using SuperStream, with many more to start following the 1 July 2015 start date for small business implementation of SuperStream.
Time is running out for SMSF to get ready for SuperStream, if they haven’t already. From 1 July 2015 all businesses should be using SuperStream, the new electronic system for transferring data about superannuation contributions.
Large employers started using SuperStream from 1 July 2014, and should fully comply with the data transfer standard by 1 July 2015. This is also the date for small employers to start using SuperStream, they have until 1 July 2016 to complete their implementation.
The ATO says “this is an important resource for employers and their advisers to check the status of solutions they are interested in using to implement SuperStream.”