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Client Alert - Superstream For Employers

From 1st July 2014, employers with more than 20 employees are required to provide timely information about superannuation contributions they have made.
SuperStream is a new process requiring employers to pay their employees superannuation contributions using the government's new data standards. In layman's terms, it means all superannuation contributions need to be made and recorded electronically – no more cheque writing.

Employers will have to comply with 2 things under SuperStream:
1. The payment must be made electronically to the nominated superannuation fund.
2. Details of the payment transaction, such as employee name, Tax File Number and Super fund member number are also sent to the superannuation fund.

The government hopes that SuperStream will help:
1. Speed up the time it takes for super contributions to be credited against the members super account (from weeks to just days)
2. Provide better information about the amount and timing of superannuation payments to employees
3. Provide notification from funds to members on whether contributions have or have not been received.
4. Better data matching / consolidation by super funds in regards to money it has and whom it belongs to, for example, reduction in funds not credited against a super member.

So what does this mean for small business?

If you are a small business, with less than 20 employees, you will begin to use the SuperStream data and payment standard for contributions from 1 July 2015 subject to further legislative changes.
If you process your super contributions for staff, you can upgrade your internal systems or use a payroll supplier to help you meet the SuperStream standard. Other partners, including clearing houses and the superannuation funds and their administrators may be able to help as well.

So what does this mean for medium and large employers?

From the 1 July 2014 if you employ 20 or more staff you must use the new data and e-commerce standard when making super contributions on behalf of your employees. All super funds, including Self Managed Super Funds (SMSF's) must receive contributions in the new standard from 1 July 2014.
If you are already using an internal payroll system, this software should be upgraded to accommodate the new requirements. You can expect your software provider to provide this upgrade along with the tax compliance upgrade typically following the May budget prior to the end of the financial year.

MYOB will be releasing an integrated SuperStream solution for their products with a payroll feature including:
• AccountRight Live
• AccountRight v19
• LiveAccounts
• Powerpay
Xero has recently released their new Business Edition subscription bundles which embed auto-super payments across all Premium plans.
Reckon (formerly Quickbooks and Quicken) are currently updating their software to enable users to meet the new requirements.

If you have any questions regarding the above, please do not hesitate to contact one of our team.
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Thorntons has been our business and accounting advisors for more than a decade. Thorntons team of dedicated and experienced staff ensure all of our financial requirements are addressed in a professional and timely manner. No issue is ever too big or small and it has been a pleasure working with them as our family business has grown over the past thirteen years.

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