As of the 1st of July 2015, employers that have 20 or more staff need to be super stream ready. Superstream in a nutshell is the new way of making super contributions.
The rate will remain the same at 9.5% on ordinary time earnings.
Superstream works by uploading and entering in information into one super fund, which will then distribute lodgment details and specified amounts of money to various employee super funds.
Employers must first ensure that the following steps have been taken:
• Have they chosen their default fund
• Advised the default fund that they will be using them for superstream
• Entered in all of the employees information in the default super fund
• Or, have they entered all of the information in software that supports superstream
The Institute of Certified Bookkeepers has provided a minimum checklist for all bookkeepers and employers to help better understand the changes.
These are the data fields, which are required:
• Name—family name and given name
• TFN (mandatory if provided by employee)
• TFN not provided indicator (if no TFN provided by employee this must be notified)
• Member identifier
• Date of birth
• Contact details
• Contribution type (e.g. employer SG contribution, salary sacrifice)
• Contribution amount
As well as the details about their superfund:
• Fund name
• Unique Product Identifier (if required)
• Payment date
• Payment type
• Payment amount
• Payment reference number (unique)
• Fund bank account details
• Fund name
• If BPAY is used, biller code and customer reference number
These minimum requirements will allow you to meet your obligations by the deadlines. If information is not available to the default superfund, you may fail to meet your requirements.
If you would like more information about the requirements feel free to contact AboveBAS.