Employers - your new super contribution obligations
While planning has been underway for quite some time, there are now some looming deadlines with regards to making sure your business will continue to meet its superannuation contribution obligations under the government’s SuperStream reforms. With an aim to improve efficiency within the super system, SuperStream is introducing mandatory changes to the way contributions and payment data are paid and supplied.
For businesses with 20 or more employees, the ATO has given until 30 June 2015 to meet the new requirements. For smaller businesses, the obligations apply from 1 July 2015, but you will have until 30 June 2016 to comply.
What is changing?
There are two key changes for you to consider under the reforms, being the information you must supply for employees, and the way in which you pay contributions.
With regards to employee information, it will be mandatory to supply the following information (on the basis that the employee has supplied this information to you):
• Date of birth
• Tax File Number (TFN)
• Residential address
• Contact phone number
This information will need to be supplied in a compliant electronic format – either to each fund separately, or via an authorised payment facility (eg. a clearing house).
The relevant contribution must be paid on the same day the information is uploaded or sent, and via an approved electronic payment facility – Direct Debit, EFT or BPAY. You will no longer be able to pay contributions by cheque.
You may face compliance action from the ATO if you fail to meet these new obligations.
For further information call NSF Super on 1800 025 241 or email email@example.com
This article contains general information only and has been prepared without taking into account your financial objectives, situation or needs. It may, therefore, not be right for you. Before you make any investment decision, we suggest you seek licensed financial advice. NSF Nominees Pty Limited ABN 29 053 228 667 AFSL 253129, Trustee of Nationwide Superannuation Fund ABN 15 201 768 813