Are you Prepared for SuperStream?
Employers and SMSFs must prepare for SuperStream
With the 30 June 2015 deadline fast approaching for medium to large employers to be SuperStream compliant, the ATO is urging these employers to act now to ensure they are SuperStream ready.
For ‘small employers’ with 19 or fewer employees, SuperStream starts from 1 July 2015 and they have until 30 June 2016 to be ready (though they can start using SuperStream earlier, if possible).
The ATO has also reminded employees of these taxpayers who are members of a self-managed super fund (SMSF), that they have the same deadline.
For SuperStream to work efficiently, employees with SMSFs must provide relevant e-commerce details to their employer so they can update their payroll system.
This information includes the SMSF’s:
* Australian Business Number (ABN);
* bank account details; and
* electronic service address.
Please Note : By 30 June 2015, SMSFs must be able to receive employer contributions electronically in the SuperStream format if their members work for a medium or large employer.
In the event that an SMSF member fails to provide this information to their employer in time for the employer to get ready, the employer may request that the employee completes a new choice form.
Therefore, the ATO recommends that SMSFs provide these details to their employer at least 30 days prior to the date the employer will start sending contributions using SuperStream, to allow enough time for the employer to manage the changes and ensure the SMSF has no interruption in maintaining their contributions flow.
If you need any assistance with this, including the requirement to obtain an electronic service address, please contact our office.
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