Where do you sit in the SuperStream journey and how confident is your business about meeting the implementation date?
SuperStream is fast approaching and now is the time to make sure that your business is compliant with the new requirements and data standards. Every business is different and there is no “one-size fits all” solution or approach so it is important to look at what needs to be done for your business specifically to stay compliant. So that your business doesn’t get left behind and risk non-compliance, we have some tips to prepare for SuperStream.
Understand what the new requirements for SuperStream are and how they impact your current process
The new requirements for SuperStream are being introduced to ensure that employer contributions are paid in a consistent, timely and efficient manner to a member’s account. The new requirements will require you to adapt your superannuation process and to collect additional information, particularly if you are manually generating multiple superannuation contribution files and making cheque payments. The new requirements for SuperStream are:
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All data must be sent electronically in a standard message format.
This means that no more hard copy reports can be sent and data cannot be faxed, emailed or posted. -
All superannuation contribution payments must be made electronically.
You will no longer be able to make cheque payments.
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Data and money need to be linked with a unique payment reference number.
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Data and payments must be sent on the same day.
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Additional employee information and contribution information is required to meet the SuperStream data standard.
For Employee Information, the additional mandatory data fields include address fields to include country and address usage code and Supergender.
For superannuation contributions, the additional mandatory data fields include providing a Unique Superannuation Identifier (USI) for APRA-regulated funds, Electronic Service Address (ESA) Alias for Self-Managed funds and a Payment Number (PRN).
Engage your provider of payroll services or software to find out their plans for SuperStream compliance
We recommend that you find out what plans your payroll provider has for their software updates to meet the ATO and SuperStream requirements. Do they have the correct fields for the new data, when will the software update with SuperStream additional fields be ready and are they running education sessions and support services that can assist your business in preparing for SuperStream?
Consider whether a superannuation clearing house service is the right option for your business
Using a Superannuation clearing house service, like Sage MicrOpay’s Express Super, is one of the options for meeting the SuperStream requirements. Clearing house services can meet SuperStream requirements on your behalf and remove the risk of non-compliance.
The features of superannuation clearing house services include integration with your payroll software, superannuation payments processed with one file and one payment, secure payments and up-to-date superannuation fund information, all features which comply with SuperStream requirements. When you are looking into using a superannuation clearing house service, find out how they will receive your data, when you can test your data with their system, if they are running information sessions and if they have support to assist you?
Have a plan for SuperStream compliance before it’s too late
A common cause of problems in the implementation of new processes and software in a business is not having a project plan in place. When your business is preparing for SuperStream, identify who is responsible for overseeing the process, identify the gaps, ask for help, set a date to start using SuperStream and try not to wait until 30 June 2015.
The key dates for SuperStream implementation are:
3 November 2014: From this date, superannuation funds will begin to receive compliant SuperStream contributions and employers are encouraged to start moving to the SuperStream standards.
1 July 2015: All employers with 20 or more employees must be submitting superannuation contributions and funds using the SuperStream standards.
