What it means for employers
SuperSteam will introduce new data and payment standard measures for super contributions, electronic registration and maintenance requirements. For employers it will mean:
- You must pay super contributions electronically in an industry approved format - no more cheques.
- You must provide information about your employees electronically - no more paper and the data must be in an industry approved format.
- Registration of new members to your default fund and all updates (such as change of address, employment terminations) must be sent electronically in an industry approved format.
What are the deadlines?
|Number of employees||Current ATO compliance requirements|
|Medium to large employers (20 or more employees)||Large employers will have until 30 June 2015 to meet the requirements.|
|Small employers (19 or fewer employees)||Small employers will have until 30 June 2016 to meet the requirements.|
What payment methods can employers use?
The standards will require changes to existing payment methods and some may no longer be compliant.
AMP’s services are already set up to ensure you make compliant super contributions.
You can get a head start on making compliant super contributions to AMP members simply by using our online services, such as AMP eSuper or AMP Super Online today.
How to prepare for SMSFs
Ahead of transitioning, you need to obtain from each SMSF:
- Australian business number (ABN)
- bank account details (BSB, bank name, bank account number)
- their SuperStream electronic service address (IP address of URL).
What does ready look like?
To meet the standard, employers need to:
- Provide the minimum data set in the required electronic format, using the standard terms and message.
- Make payments to each destination fund electronically.
- Ensure payments and data are linked using a unique payment reference number (this will be automatically supplied via compliant payment methods).
- Meet minimum performance standards, including sending money and data the same day.
- Respond to fund requests for missing information or queries on members within 10 days.
To speak with one of our team about the AMP eSuper service call 1800 802 266 or email eSuper@amp.com.au.
See what your employees should be aware of and what opportunities they could take advantage of.