Will you be paying and reporting your staff’s super contributions correctly from 1 July 2015?
Is your payroll/super software SuperStream ready? Employers will be required to use SuperStream to send contribution data and make payments electronically (using e-commerce standards) for all their staff. The ATO can impose administrative penalties for those failing to comply with the new SuperStream standard.
All superannuation funds (including self-managed super funds) must only accept contributions electronically, in accordance with the SuperStream standard. The following three key e-commerce details must be provided to employers:
- your super fund’s Australian Business Number (ABN)
- your super fund’s bank account, for receipt of contribution payments (BSB and account number)
- an electronic service address, for receipt of a contribution data message
If the above information is not provided to the employer, then employers will be forced to remit the super guarantee contribution (9.5% for 2015 income year) into the employer’s default fund.
Should you have any questions or would like to know more regarding SuperStream, please do not hesitate to contact us.
*Correct as of June 2015
*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.