From 1 July 2014, all employers with 20 or more employees must comply with the new data and e-commerce requirements under SuperStream.
Employers will have to comply with the following:
- Super payments must be made electronically to the nominated super fund.
- Details of the payment, such as the employee name, Tax File Number and Super fund member number are to be sent to the super fund.
We can only assume that the industry and retail funds will be notifying the employers of the required information.
Employers who have one or more employees with Self Managed Superannuation Funds (SMSFs) must receive, by 31 May 2014, the following information from those employees:
- The Full Name of their SMSF
- The ABN of their SMSF
- The BSB and Bank Account Number of their SMSF
- The electronic service address of their SMSF
Employers must also ensure that their processes are in place for them to comply from 1 July 2014. They can access the register of software providers who are intending to ensure that their software complies with the standards by going to the ATO's website and checking the "intent register".
If you are a member of an SMSF which is a client of MDB Accountants, rest assured that this is being addressed. You should receive a letter over the coming weeks addressing these issues. Should you require further clarification contact us.