smsf in 2016 TJD Essendon Accountant

Super in 2016

As from 1st July 2016, all employers must be “SuperStream” compliant – a government initiative to streamline superannuation payments and reporting.

What does SuperStream mean for you?

This means that employers need to pay super and send contribution information electronically. There are a number of options available for employers to be able to do this:
1. Check that your payroll system is SuperStream ready, you may need to update your system
2. Large Super Funds have online payment services that are SuperStream ready – check with your Fund.
3. You can send a single electronic payment to a Super clearing, together with contribution data for all your employees.
Large super funds may have a clearing house for you to use.
The Tax Office also has a Small Business Clearing House for small businesses to use, if you have less than 20 employees and turnover of less then $2million a year.
4. You can use a Messaging Portal that will convert contribution data to a SuperStream format and send it to the relevant funds. You will still need to make the one electronic payment.

What will you need from your employees?

Employers also need to ensure that you have the following information from your employees:
– Employee Tax File Number
– Super Fund ABN
– Super Fund unique Super Identifier (USI)
– Fund BSB and Account Number

If your employees have a Self Managed Super Fund, they will need to provide you:
– Electronic Service Address (ESA) of the Super Fund
– Name of Super Fund
– Super Fund ABN
– Fund BSB and Account Number

This information is required to be recorded in your payroll or clearing house software.

Do I need to use ‘SuperStream’?

You don’t need to use SuperStream if the only contributions you make are for yourself as an employer (or for family members working for the family business) into your own Self Managed Super Fund.

It is still your responsibility as an employer to pay super guarantee on time. Contributions are considered paid on the date super funds receive it, not the date the clearing house receives it from you. Therefore, you should check how long the clearing house will take to send the payment and information on to the super funds.

TJD Accounting Services Pty Ltd

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