SuperStream Deadline - 30th June
SuperStream is a government reform designed to improve the efficiency of the superannuation system. All employers, irrespective of the number of employees you have, must be compliant with SuperStream legislation by the 30th June 2016.
To use SuperStream, you need to send the superannuation payment and employee information electronically. Each superannuation fund has a USI (Unique Superannuation Identifier) and employers will need to collect and maintain this information for each super fund. Employers need to consider where they currently collect and store superannuation data for employees (forms, spreadsheets, databases and payroll systems) and ensure that they are now able to store USI information and Tax File Numbers for each employee as the USI and TFN will become the primary identifiers for SuperStream purposes.
To transmit the data and payment you can use a complying payroll system, your super fund's online system, a super clearing house, or a messaging portal. A list of certified providers is available on the ATO website.
Please note that superannuation obligations are only met when the payment is received by the super fund, not necessarily when it is received by the super clearing house (unless it is an approved clearing house such as the ATO’s Small Business Superannuation Clearing House).
SMSFs need to obtain an Electronic Service Address (ESA). The register of SMSF messaging providers is on the ATO website. SMSFs must register for SuperStream unless the SMSF does not receive any Employer Contributions, is in Full Pension Fund or only receives contributions from related party employers. If you have an employee who is a member of a SMSF, they must provide the ABN of the SMSF, its bank account details, and an electronic service address (ESA).
Compliance is important and if you have any queries in relation to your SuperStream obligations please don’t hesitate to contact our office.
Click HERE to download the full edition of The Business Accelerator Magazine for June 2016
Other articles in this edition:
- 2016 Federal Budget Highlights
- Personal Taxation
- Reductions In Corporate Tax Rate
- Access To Small Business Tax Concessions
- Increasing The Small Business Income Tax Offset (SBITO)
- Superannuation Changes
- Medicare Levy Low Income Thresholds for 2015/16
- Applying GST To Low Value Imported Goods
- Amendments To Division 7A
- Youth Employment Package - Bonuses For Hiring Young People & Interns
- Claiming Work Related Travel Expenses
- What Are The Acres Of Diamonds In Your Business?
- Starting A Business - Do The Numbers Stack Up?
IMPORTANT DISCLAIMER:This newsletter is issued as a guide to clients and for their private information. This newsletter does not constitute advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of these areas.