Employgroup Blog

Legislative Changes- Are you Compliant

31 / 12 / 2015

Some big changes are about to happen in relation to the way Super is fulfilled. Before the end of the financial year all Super remittances will need to be fulfilled electronically in a specified format. At Employgroup we will have the complete process covered so that you can have your contributions fulfilled in a fully compliant manner.

 

The new system called “SuperStream” will provide a government prescribed, consistent reliable method of transacting linked data and payments for Super.

While we will ensure that all your SuperStream compliance obligations are fully met, there are some things you need know and deal with, we are here to help so if you need assistance contact us.

Quick checklist for review of your requirements:
1. Nominate your Default “MySuper” Fund as this is a legal obligation.
2. Provide your Unique Superannuation Identifier (instead of SPIN).
3. Self Managed Super Fund requirements.

If you currently use ePayroll for your Super payments you are currently 100% compliant. We have taken the necessary steps to ensure you will be 100% compliant with SuperStream, but you may need to check that all your information is complete. 

If you are not currently using ePayroll for Superannuation payments, be aware there are additional requirements under SuperStream and you may not be compliant. It’s not too late to discuss your options with our experienced team of experts and remove any unnecessary risks for your business. Just ask us how by emailing your support consultant Click here

What you need to ask yourself and what you may need to do?

Have you set up your default Superfund?
A major change occurring with SuperStream is member registration and the requirement around sending the default superfund a message. Be it, when a new employee is to be setup in the default fund or the employee has changed details within the default fund. You need to nominate a default MySuper fund.

Superfund- Unique Superannuation Identifier (USI)?
Superannuation Product Identification Number (SPIN) was used as a form of identification previously. Under the new reform this will change and a USI is required. It’s important that when a new employee provides a Superannuation Fund and product, they also provide you with the correct USI. (Some funds have multiple products with similar names but each product will have a unique USI.)

Self Managed Super Fund (SMSF)?
Bank account details for a SMSF were the only information previously required. With SuperStream, the SMSF needs to receive a message each time a payment is made. To do this they require an ABN and an Electronic Service Address (ESA). Without this information the employer will not be compliant.

Valid Employee information?
This would be a great time to review all employee information.
Within your Month End Reports you should be receiving a Missing Details Report. This report will identify all employees that have missing information within our system, including key Super information. Information to review should include: Employee correct super fund, member numbers, Tax File Numbers, Spelling of employee names & Address. It’s important that this information is correct and up to date.

TIP: Amend your employee detail forms to include USI not SPIN for all Funds.

 
SuperStream is an important reform and will save many millions in unnecessary Super Fund administration. Getting it right from the start will save considerable time down the track. Please let us know if we can help you get it right.

Contact us:

If you would like to speck with our experienced team to arrange Employgroup to manage your Superannuation contact us on 1800 PAYROLL or at enquiries@employgroup.com.au

 

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