Are you ready for Superstream?
A new data and e-commerce standard is being introduced to make it possible for employers to send contributions to all funds in one standard electronic format. In future, you will no longer need to provide this information to separate funds in different formats. The standard will make processing super guarantee payments easier and result in:
- Fewer data-quality issues
- A simpler, more consistent contribution process
- Fewer lost accounts and less unclaimed money
- Faster processing of employees’ money into their super accounts
- Lower overall processing costs
The standard essentially requires employers to remit superannuation contributions to superannuation funds electronically and in a standard format containing standard information about the employee, including employee name, TFN and super fund member number.
Employers with 20 or more employees must use the data and e-commerce standard from 1 July 2014, and employers with 19 or fewer employees must start using the standard from 1 July 2015.
It is expected that providers of book-keeping software (such as MYOB) will be updating their products to include a function within their payroll modules to facilitate this process. In order to be ready to adopt the new standard, contact your software supplier in May to organise any upgrade that you may need.