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SuperStream

Posted by: on 11 April 2014 in Compliance

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April 11 – by ADP Insider  

There are new rules coming that will affect how you deal with superannuation payments for your employees.

What is SuperStream?

SuperStream is a new data and payment standard being introduced to improve the efficiency of the superannuation system. The standard requires employers to send all data electronically in a standard message format. All contribution payments must be made electronically and all payments and money must be linked with a unique payment reference number.

Employers with 20 or more employees

Employers with 20 or more employees are required to phase in to use the Data and Payment Standard (the standard) from 1 July 2014.

Employers with 19 or fewer employees

Employers with 19 or fewer employees are required to use the standard from 1 July 2015

The standard requires employers to:

  • Send all data electronically (such as the employee’s details and the amount of super being paid) in a standard message format, this includes payments previously returned by the fund
  • Make contribution payments electronically
  • Link data and money with a unique payment reference number
  • Ensure data and payments are sent on the same day
  • Respond to fund requests for complete information within 10 business days
  • Register members to your default fund/s in a standard message format
  • Advise changes to member information in a standard message format

Funds will also be required to make major changes to ensure they can receive contributions in the standard. As with current arrangements, employers may use a service provider as their agent to meet these obligations.

The ATO will provide education and support during the first two years of implementing these new arrangements.

Penalties for non-compliance may apply under the Superannuation Industry (Supervision) Act 1993.

What information needs to be provided with payments?

There numerous compulsory data fields required to submit with payments. These include:

  • Sender details
    • Entity name
    • Contact details
    • Banking details
    • ABN
  • Member details
    • Full name
    • Tax file number (must be valid)
    • Gender
    • Date of Birth
    • Address
    • Employer details
  • Superannuation fund details
    • Period start and end dates
    • Superannuation fund details
    • Entity name
    • Product name
    • ABN
    • Unique superannuation identifier
    • Banking details
    • Self-managed super fund Electronic Service Address Alias

TIP: Consider where this data currently resides – is it in one place? Is it up to date? How do you manage updating this information?

 

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TAGS: clearing house data and payments Superannuation SuperStream

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