Employee Superannuation Changes
SuperStream is the Federal Government’s reform to improve the efficiency of the superannuation system. The reform is a multi-stage process with the next phase, coming into effect on 1 July 2016, set to make paying superannuation for your employees far more efficient.
Changes to the way you pay employee superannuation are coming
The Government’s reform to improve the efficiency of the superannuation system, SuperStream, is well underway with changes to employers of less than 20 employees coming into effect on 1 July 2016.
Data and Payment Standard
From 1 July 2016, employers are required to adhere to the Data and Payment Standard which requires them to:
- Send all contribution data in one standard electronic file
- Make contribution payments electronically and link the data and money with a unique payment reference number; and
- Ensure data and payments are sent on the same day
Non-electronic payment methods such as paper remittances, cheque payments, BPAY and direct debits will no longer be accepted.
What this means for you
While it may be a change in the way you manage super, the new ‘one file, one payment’ electronic system means faster, easier, more reliable superannuation payment processing. This is great news for employers as your time spent on processing super will be greatly reduced.
Ensure your data is sent in a compliant format
Business customers who have Suncorp Everyday Super for business will now be able to use SuncorpEASE™ payments clearing house to help them adhere to the Data and Payment Standard. SuncorpEASE™ will enable business customers to:
- Pay multiple contributions to multiple funds at the touch of a button
- Update employees’ details such as address, salary and TFN online
- Add new employees and delete employees who have left the business
To find out more about how Suncorp Everyday Super for business can help your business get ready for SuperStream call 1800 191 517.
* Employers with 20 or more staff have had to be SuperStream compliant since July 2015. This is general information only and doesn’t take into account your personal objectives, financial situation or needs. Before making any decision about whether to acquire or continue to hold any financial product, please consider the Suncorp Everyday Super PDS or Product Guide available at suncorp.com.au/super. Everyday Super is part of the Suncorp Master Trust (Fund) (ABN 98 350 952 022, RSE Fund Registration No. R1056655). Suncorp Portfolio Services Limited (Trustee), ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 is a related body corporate of Suncorp Group Limited ABN 66 145 290 124. The products referred to are not bank deposits or other liabilities of Suncorp Bank (Suncorp-Metway Limited ABN 66 010 831 722) (SML) and are subject to investment risk including possible delays in repayment and loss of the interest and principal invested. SML is not liable or responsible for, and does not guarantee or otherwise support, Everyday Super. Suncorp EASE™ (clearing house), is issued by the Trustee. Before deciding whether to acquire or continue to hold Suncorp EASE (clearing house) all persons should obtain, read and consider the relevant PDS and Product Guide. Suncorp EASE™ is a free service as long as you contribute to the Suncorp Master Trust, which you have nominated as your default fund under the Choice of Fund regime, for more than 50% of your employees. This rule will be based on the total number of your employees you make contributions for at the time you provide the required contribution information to us.