SuperStream is about to get a whole lot more busy in the coming months as businesses with 20 or more employees start to comply with the changes from 1 July 2015.
It’s a big change for business and it’s set to save time and money. Aimed at improving efficiency within business, SuperStream will mean all superannuation payments will be made electronically. This new method for making payments is mandatory for employers, APRA-regulated funds and SMSF’s.
The right software is the most important step you can take toward becoming SuperStream compliant.We have built our software to be SuperStream ready, meeting the requirements of contributions using our preferred solution NAB Super Pay.
Using the right software will also ensure every payment processed generates the data required: including the unique reference number and links them to contribution files. This will ensure that payments can always be reconciled by the recipient.
We have some very exciting news. From 1 July 2015, Reckon will be providing our software users with the SAFF (SuperStream Alternate File Format) file. This will allow you to select any SuperStream gateway provider you choose.
You can check your current business software capabilities against the ATO checklist here.
Back up Now
On the 30 June 2015, we will be ceasing our Superlink read only access to all existing Superlink users. We encourage you to back up your Superlink data before then. From 1 July, this data will no longer be accessible.
Change can be very intimidating. Even if your software is completely compliant there is always room for errors or nervousness on the part of clients.
Ensure you have a fall-back plan such as reverting to manual processing so you can assure clients.
Get the information you need
Under SuperStream you must send payment and contribution data electronically correctly. At Reckon our preferred solution is currently NAB Super Pay. They will help our customers meet their obligations with SuperStream.
There are many other gateway portals that provide a validation service to assist you meet these requirements. A list can be found on the ATO website.
Where can I found more information about the SuperStream changes?
The ATO website has some information to help you understand SuperStream:
You can also read the factsheet on SuperStream we prepared earlier this year.
This post is intended to provide general guidance only, you should seek out professional advice for your specific circumstances.