The ATO recently announced that the date by which superannuation funds must comply with the SuperStream contributions data standards has been pushed back to 1 July 2015.
However, the ATO is concerned that super members could “read too much” into the recent announcement, and that the extension should not act as reason to delay being SuperStream ready, the ATO’s national program manager, data standards and e-commercise (SuperStream) Philip Hind told SMSF Adviser.
“It is important that trustees get in place the arrangements sooner rather than later and certainly not leave it until the last minute,” Mr Hind said.
“They are likely to run into problems with getting it complete on time, or not being able to implement and then they are going to face the potential non-compliance issues.”
Mr Hind also noted there is a staggered start to SuperStream on the employer side, noting that some super fund members may not be able to make use of SuperStream’s extended deadline.
“Small employers don’t have to start implementing until 1 July 2015, whereas large and medium sized employers need to begin this year from 1 July 2014,” Mr Hind said.
“So depending on whether a trustee is working with a large, medium or small employer will dictate whether they can in fact wait until after 1 July next year.
“So really the key dates are the kick off date, 1 July 2014 for large and medium employers, and our advice is that you really need to have your plans in place well before Christmas this year so you don’t find yourself being caught out in the last-minute rush.”
The ATO is not expecting any further delays to SuperStream implementation, Mr Hind said, with the final legal instrument now published.
[quote name=”Tracey Castles”]I have been unable to find out how employers link the superstream data to the SMSFs (ie. how are the employee details transmitted to the SMSF receiving the payment?) Currently use a payroll system to determine the super and then electronically transfer the funds independently of the payroll system. I think I am missing a key piece to the puzzle – has not been easy to find – Anyone have the solution?[/quote]
hi Tracey, they need to have a electronic service address which they can get from a message service provider as explained here on ATO’s website: https://www.ato.gov.au/Super/S…
I have been unable to find out how employers link the superstream data to the SMSFs (ie. how are the employee details transmitted to the SMSF receiving the payment?) Currently use a payroll system to determine the super and then electronically transfer the funds independently of the payroll system. I think I am missing a key piece to the puzzle – has not been easy to find – Anyone have the solution?
The ATO still don’t have a conformance suite for any of superstream including its own Xbrl?
This announcement has no substance?
Following on from Michael’s point, there are also some free Superstream providers so the cost to SMSF Trustees (who really do not require this service) is zero. The ATO has a list of all providers on it’s web site.
Smaller firms already embracing super stream across all SMSF in accumulation mode. Just a simple matter of getting on with it and embracing the many cheap solutions available to implement it including Australia Post. It’s easier to do all funds now rather than stagger them due to who needs it now or later. Easier also means cheaper for everyone.
Not sure who is leading the charge as to delay but wondering if it might be the big end of town who is not quite as efficient with their big is better approach as they like to advertise.