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Important information regarding your employer superannuation contributions

The ATO has recently implemented changes to employer super contributions that will affect you.  This new reform is known as SuperStream. 

 We are working with our SMSF software provider BGL Corporate Solutions Pty Ltd to ensure your fund complies with the requirements of SuperStream. You however, need to ensure your employer is also ready when the changes take effect from 1 July 2014.

What is Superstream?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.  Under SuperStream, employers must report super contributions on behalf of their employees by submitting data and payment details electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contribution details electronically in accordance with this standard.

What do I need to do to meet my Superstream obligations?

You will need to provide your employer with the following information by 31 May 2014.

·        Super fund name

·        ABN

·        The BGL Electronic Service Address (ESA): AUSPOSTSMSF

·        The super fund's Bank BSB and Account Number

If you do not provide these details to your employer, we will not be able to load SuperStream data into your SMSF.

How do I let my employer know about my e-commerce details?

Where you have already exercised choice with your employer and you are receiving contributions to your SMSF, you need to update your e-commerce details with your employer. You can do this by providing these details in writing, emailing or otherwise updating your personnel records with your employer.

 If you work for an employer with 20 or more employees, you will need to update your details with your employer by 31 May 2014. Alternatively, you can check with your employer to confirm which date best aligns with their implementation plan for SuperStream.

 Should you require any further information on SuperStream, please do not hesitate to contact us.

 

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