SuperStream
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Superstream is a new data and payment standard aimed at enhancing the efficiency of the superannuation system, requiring electronic submission of data and payments linked with a unique reference number. Employers with 20 or more employees must comply by July 1, 2014, while those with 19 or fewer must comply by July 1, 2015. The standard mandates specific data fields to be provided with payments and responses to fund requests within 10 business days, with penalties for non-compliance.
SuperStream
- 1. SuperStream ADP Insider SuperStream April 11, 2014 - 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? Want to find out more about SuperStream? General information - www.ato.gov.au/super Self-managed super funds – www.ato.gov.au/ Super/Self-managed-super-funds Videos from the ATO - http://bit.ly/1zqDv59 Our own page – www.adppayroll.com.au/ SuperStream See more at: www.adppayroll.com.au/adpinsider The ADP Logo and ADP are registered trademarks of ADP, LLC. ©2015 ADP, LLC. "SuperStream is a new data and payment standard being introduced to improve the efficiency of the superannuation system." ADP Insider