Media Release: Prime Super
Date: Tuesday 4 February, 2014
Getting ready for SuperStream: data standard deadline fast approaching
By now employers should be aware that the Stronger Super reform package includes the introduction of the SuperStream Data and Payment Standard (the standard).
The standard requires employers to:
- send all data electronically (such as the employee’s details and the amount of super being paid) in a standard message format
- make contribution payments electronically
- link data and money with a unique payment reference number
- ensure data and payments are sent on the same day.
- respond to fund requests for complete information wits days.hin 10 busines
Use of the standard is being phased in, with employers with 20 or more employees (medium or large employers) being required to start using the standard from 1 July 2014. Smaller employers (19 or fewer staff) have until 1 July 2015.
Some employers are asking, ‘My employees are mainly seasonal – am I a small or medium employer?’
The ATO has advised:
- For the purposes of the standard, all employees at the start date of 1 July 2014 are counted in determining the size of your business.
- Example: your business consists largely of seasonal employees – a mix of 5 full-time employees and 17 casual workers.
- You will therefore have a total of 22 employees at the start date and will be classed as a medium employer. You must comply with the standard from this date.
- If your actual payroll numbers fall below 20 employees at 1 July 2014, you will be classed as a small employer and have another 12 months until you must comply with the standard.
- This threshold really only affects your start date for complying with the standard. By 1 July 2015, all employers – no matter what size – are required to meet the standard.
Meeting the standard can be done in a number of ways, including:
- upgrading payroll software
- engaging a service provider, such as a payroll bureau, tax agent or book keeper
- using a clearing house
- working with your super fund
Employers should speak to their default fund or service provider to help them find the right solution for their business.
Prime Super offers an online super payment and management solution and Regional Manager Rod Stewart is on hand to help employers prepare and be ready to go come their compliance date. Call Rod on 0428 558 158 or email [email protected]for assistance with any of your super queries.
Disclaimer
Prime Super (ABN 60 562 335 823) is a not- for-profit Industry Superannuation Fund. This article contains general information only and does not take account of your personal circumstances. Information in this article is current as at December 2013 and subject to change. You should obtain personal advice where appropriate. Prime Super is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723). A Short-Form Product Disclosure Statement is available from the issuer by phoning 1800 675 839.