SuperStream Changes, Are You Affected?
We would like to inform our Australian clients of the recent changes that affect SuperStream. SuperStream is an Australian Government reform aimed at improving the efficiency of the supperannuation system. These recent changes affect both the roll out dates and requirements for this initiative.
The SuperStream legislation will include a contribution transition bridging period from:
1 July 2014 - 30 June 2017
This period allows funds and employers to continue using existing electronic channels (provided they meet certain requirements) or an Alternate file common CSV format.
The Alternate file CSV format was developed by software providers, superfunds and clearing houses would be one form of an approved bridging solution. As of November 2014, Tencia and Arrow will provide the Alternate file common CSV format export that has been approved as an Australian Taxation Office (ATO) bridging solution.
A mutual agreement between you, the employer, and relevant funds will consider the lodgement of the alternate file CSV format an approved bridging solution that can continue to be used until June 2017.
SuperStream Key Dates Summary
July 1st 2014 – October 31st 2014 SuperStream Induction Trial Process
November 1st 2014 -Employers with 20+ staff can choose to lodge using the SuperStream data standard should
- They choose to.
- Their APRA fund supports the technology.
- Their Payroll Provider is approved via an ATO induction process.
- Employers with 20+ staff must show intent to move to the data standard while continuing on with supported bridging solutions.
July 1st 2015 -Employers with 20+ staff must be using the standard or an approved bridging solution.
Employers with <20 staff must show intent to move to the data standard while continue on with supported bridging solutions.
July 1st 2016 -Employers with <20 staff must be using the standard or an approved bridging solution.
June 30th 2017 -The overall contribution transition bridging period ends. All employers must use the SuperStream data standard.
For more information click here to access the ATO site