SuperStream, a new data standard for superannuation payments and contributions, is part of the government’s ongoing SBR (Small Business Reporting) improvements to the way business interacts with their agencies. The ATO explains it further – GO HERE.
SuperStream is designed to speed up the superannuation payment process saving business time. It will also allow the ATO to match lost super with individuals in the near future and make contributions to your fund much faster. Right now it could take up to a month before an employee will see a contribution made to their super fund, with SuperStream it could take only a few days.
- Businesses with 20 or more employees will be required to submit via the new SuperStream method from 1 July 2015, and
- Businesses with 19 or less employees from 1 July 2016.
SuperStream requires you to collect extra information to make complying contributions and payments.
Some key things you’ll need to have, once your accounting software has been updated, include:
- The Unique Superannuation Identifier (USI) code for commercial funds you make contributions to. When you next contact all the regulated funds that you make contributions to for your employees ask for their USI code, this code will replace the current SPIN code;
- The Electronic Service Address (ESA) for Self-Managed-Super-Funds (SMSF’s). If you make contributions to SMSF’s on behalf of your employees, contact the administrator or ask the employee for the SMSF’s ESA for contributions. This only applies to SMSF’s and will usually be a web address for the service used to submit contributions to; and
- The SMSF details. Check you have the correct SMSF name, ABN and bank account details.
For your employees ensure that records are up to date, including:
- Full name and proper spelling,
- Street address,
- date of birth,
- Tax File Number (TFN),
- Super fund member number.
Reckon has created a partnership with NAB bank to process Super Contributions according to the SuperStream standards. NAB offers NAB SuperPay for this purpose.
The Super Data export file from the Reckon Accounts and Payroll Premier software only works with the NAB SuperPay gateway>
Special warning – opening the Reckon SuperStream Export File in a spreadsheet programme (eg Excel) will make a format change to one field in the file that will render it unusable by the Gateways. The field is a date field which the ATO has mandated must be in “US date format”. Opening the file in a spreadsheet will change the date format. A “default format” is available with the ATO’s SAFF – SuperStream Alternative File Format. Reckon is looking into developing this ATO SAFF to give you more options in exporting your super contributions data which can then be used with other providers.
If you’re using Reckon Payroll Premier or Reckon Accounts business software you’ll be ready to meet the SuperStream changes this year.
- For Reckon Payroll Premier users – the latest release of the program already includes changes to help you collect the right information and submit via the new standard! Before updating to this version, make sure you’ve completed all your contributions and pay runs for the end of the financial year. We’ve partnered with NAB to create the bridge between your business and the super funds used by your employees – if you’re looking to get setup right away get in touch with us.
- For Reckon Accounts business software users – you can expect an optional program update to be made available later this year that includes necessary changes to help you collect the right information and submit via the new standard, these changes will also be included in Reckon Accounts 2015.
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