Under the new legislation, it will become mandatory for employers to pay super contributions and provide information about their employees electronically - that's both the money (no more cheques) and the associated data (no more paper) - in an industry standard format.
It is important to keep in mind that this is a large-scale, industry wide change initiative, being driven by the ATO. It will be introduced over an extended period to allow employers plenty of time to move to a SuperStream compliant contribution payment method if required. The number of employees you have will dictate when the transition to the new SuperStream standards will happen for your business, with larger employers (20+ employees) transitioning first.
Current ATO transition timeline by employer size
|Number of employees||Transition start date||Transition end date|
|20 or more||1 July 2014||30 June 2015|
|19 or less||1 July 2015||30 June 2016|
We know there is a reasonable amount of industry noise and confusion surrounding SuperStream, particularly in terms of the timeframes for implementation and the fact that some existing superannuation contribution payment methods may no longer be compliant after the end of the transition period.
The good news is if you are an existing user of AMP's Employer Online services and submit your employee superannuation contributions through eSuper, you will be compliant under the new standards and do NOT need to alter your contributions payment method.
AMP is continuing to assess the requirements of the legislation and we will contact users of AMP eSuper directly in the event that we require further information to process their contribution payments.
Not an existing user of AMP eSuper?
If you are an eligible sponsoring employer we recommend that you consider using AMP eSuper as a quick and easy way to ensure you are compliant under SuperStream - you can register on http://www.amp.com.au/esuper. If you would like some assistance, you can contact the eSuper team on 1800 802 266 or via email at eSuper@amp.com.au. Help can also be provided by contacting your BRM directly.
Alternatively, if you use a clearing house, payroll provider or software package to make contributions, contact your service provider to confirm that their solution will comply with the SuperStream requirements.
Further information about SuperStream
Visit the SuperStream page on the ATO website at www.ato.gov.au/superstream which contains fact sheets, FAQs, a detailed employer checklist and other explanatory material. Alternatively visit AMP's SuperStream page at www.amp.com.au/regulatorychange/superstream.
Both options make good financial sense—we look at some pros and cons to help you decide.