Superannuation laws have changed, all employers will be required to make super contributions and maintain all employee details electronically. These changes come under the SuperStream data and payment standard.
The SuperStream data and payment standard is part of the Federal Government’s super reform package, which aims to improve the efficiency of the superannuation system and reduce the amount of lost accounts and unpaid super.
According to the Australian Taxation Office (ATO) over 800,000 employers are required to make super guarantee contributions to employees. From July 1 last year, employers with 20 or more employees were required to start making super contributions using SuperStream. Employers with 19 or less employees have until 30 June 2016 to meet SuperStream requirements.
Employers who are yet to make the change to SuperStream will need use software that conforms to SuperSteam or use a service provider who can arrange SuperStream compliance on their behalf. One way that this can be done is by upgrading payroll software.
More information on SuperStream and how it affects your business, including FAQs and a Rollout User Guide, can be found here.