SuperStream - Federal Treasury Compliance (12-03-2014)
Medium and large employers — those who employ more than 20 people — will need to use SuperStream to make their Superannuation Guarantee contributions from 1 July 2014. Small employers will start 1 July 2015.
From 1 July 2011: Funds may use TFNs (employee Tax File Numbers) as the primary locater to find duplicate accounts.
As Sage provide more information on how the Super Stream process will work, ieXcel will post information on our blog.
Please email Roger@ieXcel.net.au if you have any further information to share with our Sage 300 CRE community on SuperStream.
The SuperStream Advisory Council is considering 2 options for Employer Compliance.
In the situation where an employer could not obtain a tax file number (TFN) the employer would be required to forward the employees superannuation contribution concerned to the ATO, along with other identifying details they have, with the contribution to be treated as unclaimed money.
the employer would be required to forward the superannuation contribution to a fund with as much information as possible and the fund would have six months to obtain a TFN and other identifying details. If the fund were unable to obtain the TFN, it would then send the money to the ATO and it would be treated as unclaimed money.
July 2014: Changes to the enrolment process for new employees through the use of an online combined TFN declaration and superannuation fund nomination form. Where a new employee does not indicate that they wish to direct superannuation contributions to an existing fund, the default position would be that an account would be opened in the default fund of the employer.
1 July 2014 (or such other date which is determined through the ongoing consultation process regarding data standards for SMSFs) — Data standards and use of e‑commerce becomes mandatory for large and medium sized employers making contributions and for self managed superannuation funds receiving contributions from employers in the new standard format; with it becoming standard for small employers starting 1 July 2015.
Medium and large employers — those who employ more than 20 people — will need to use SuperStream to make their Superannuation Guarantee contributions from 1 July 2014.
As of the latest media release of 12 July, 2013… “Work on interoperability is well advanced and there appear to be no issues likely to derail the process. Much work, however, remains to be done.” With this in mind, Sage are currently working on their solution and will be included in the year end release.
As always, Government regulations take time to synchronise with all the parties concerned and Super Fund readiness for the processing of rollovers through the SuperStream network is improving but as of 12 July, 2013 risks remain. Funds that are uncertain about their readiness or about the steps that they need to take to prepare to process rollovers through SuperStream are encouraged to contact the ATO on SuperStreamStandards@ato.gov.au. This is now a matter of priority. All funds need to commit to a transition-in date. The Council notes that as of 12 July, 2013 a number of funds, including some large funds, have not yet done so.
The information contained in this article was obtained from the following web sites: