The ATO is urging self-managed super funds to get ready for the introduction of SuperStream at the start of the new financial year.
From 1 July 2015, small businesses (those will 19 or less employees) will start implementing SuperStream, so they need their employees with self-managed super fund (SMSF) accounts to get ready as well.
All SMSF trustees must be able to receive super contribution payments and information sent electronically when their employer starts using SuperStream.
Philip Hind, ATO’s National Program Manager, SuperStream, encourages employees with a self-managed super fund to provide their fund’s details to their employer now to ensure they can continue to make employer contributions. For SuperStream to work efficiently, employees with SMSFs must provide relevant e-commerce details to their employer so they can update their payroll system.
“A large number of SMSFs have already provided their details to their employers, but we are encouraging the remainder of trustees to work with their employers so they can start finalising their SuperStream implementation plans,” Hind said. “Small employers are already starting to get SuperStream ready. Don’t delay providing your fund details to allow employers to make changes to their payroll systems.”
Small employers with 19 or less employees are required to implement SuperStream from 1 July 2015 and have compliance flexbility until 30 June 2016. Some funds will already have an electronic service address however for those who don’t, obtaining one is a simple process and takes only minutes. A register of SMSF-messaging-service-providers is available here to assist. Some providers offer free or low cost options.
“Implementing SuperStream is a legal requirement for all SMSFs, so it is important that trustees take the time to ensure they meet their obligations,” Hind said. “Providing relevant e-commerce details to your employer will ensure SuperStream works efficiently. It will help both funds and employers realise the full benefits of this new electronic system.”
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