Are you Compliant? 30 June Deadlines-Act NOW!
MySuper reforms have been introduced and we are now moving to the next phase of the Australian Government’s Stronger Super reforms, designed to strengthen our Superannuation industry, known as “SuperStream”. SuperStream represents the streamlining and standardisation of superannuation contributions made by employers. Employers and super funds will transition to sending and receiving super contributions electronically (eCommerce) in accordance with a consistent regulated Superannuation Data and Payment Standard (the Standard). The goal is to improve the efficiency of the superannuation system and improve the timeliness of processing contributions.
NOW is the time to take stock and plan
For employers of 20 or more employees, transitions to SuperStream have occurred over the 2015 financial year. If you are an employers with 19 or fewer employees you will need to transition to an electronic means of making super contributions and member updates, which comply with the Standard, between 1 July 2015 and 30 June 2016.
If you are a business client using Xero or have an SMSF on Class, you may already find you are compliant.
For all employers, complying with the Superannuation Data and Payment Standard may mean providing your default and/or choice superannuation fund/s with additional information about your employees.
Need assistance? PrimeAccounting are here to discuss options.for your transistion to SuperStream. Call us now or email email@example.com for more details.
Click on the links below for more information regards SuperStream and registering with the ATO via their Small Business Superannuation Clearing House.