Standardised reporting (SuperStream)
As part of the Government super reforms known as Stronger Super, SuperStream is aimed at making the back end of super more streamlined and efficient. One aspect of SuperStream that will impact on employers as well as funds is the new data and e-commerce standards for all transactions.
Standard data reporting
Standard data reporting means you, as an employer, can provide all funds with the relevant data in the same format. This should save you time and make managing your super obligations easier.
All data must be supplied to funds electronically under the new rules – no paper based data or payment can be accepted once the rules are in place. Penalties will apply to employers not providing the appropriate information or formats.
Standard reporting was introduced on 1 July 2014 for businesses with 20 or more employees, and for all businesses (including those with fewer than 20 employees) on 1 July 2015.
Any detailed questions about the reporting standards can be directed to the ATO’s business phone line.
What is included in the required data?
For each employee, you must provide their Fund with the following information about the employee:
- Full name
- Date of birth
- Tax file number (TFN)
- Residential address
- contact phone number
Providing the following information is optional:
- Email address
- Fund member number
- Employee number
- Employment start date
- Employment end date
You also need to provide the contribution pay period and details of the types of contributions included (eg SG, salary sacrifice, personal).
Things to do
To ensure you meet these requirements in time, it is important to get your systems ready.
- Check your accounting/payroll software can provide the data in a suitable format. Large software companies may have already notified you about their actions, but if you have proprietary software you may want to check how it will deal with standardised data. Remember it is your responsibility to provide the data so don’t assume your software can do it for you.
- Ensure you all have all the required data on file so it can be gathered into reports. For instance, do you have the birth date and tax file number of all employees in your payroll records?
- Choose a default MySuper-compliant fund that works for your employees – by having more employees in one fund, you reduce the number of forms and arrangements you will need to deal with.
Note that if you are using a clearing house (including the ATO’s Small Business Super Clearing House if you have fewer than 20 employees) you may need to provide additional information to meet the data standards.
AvSuper helps you stay informed about your super obligations with our occasional employer update – contact us if want to be included as an AvSuper employer.
Email: email@example.com | Local call: 1300 128 751 | Phone: 02 6109 6888 | www.avsuper.com.au
This information is of a general nature only and does not take into account your personal objectives, situation or needs. Before making a decision about AvSuper, you should consider your own requirements and the relevant Product Disclosure Statement (PDS). For a copy call us or visit the AvSuper website, www.avsuper.com.au. AvSuper Pty Ltd (ABN 46 050 431 797, AFSL 239078) is the Trustee of the AvSuper Fund (ABN 84 421 446 069). FS6045.7 07.2016