ATO sends ‘last chance’ SuperStream message
Time is running out for SMSF trustees with medium to large employers to be SuperStream ready, the ATO has warned.
Medium to large employers (those with 20 or more employees) have until 30 June 2015 to meet the SuperStream requirements when sending superannuation contributions on behalf of employees.
If employers have 19 or fewer employees, SuperStream starts from 1 July this year and employers have until 30 June 2016 to meet the requirements.
SMSF members should look to communicate their e-commerce details to their employer well ahead of their relevant deadline, including the SMSF’s ABN, bank account details, and electronic service address.
The ATO has previously stressed that an electronic service address is not an email address, having found this to be a common misconception among employees.
“SuperStream is really starting to get traction now,” Philip Hind, national program manager, data standards and e-commerce (SuperStream) at the ATO told SMSF Adviser.
“We expect to see a surge in contributions in a new format in July coming through, and if [SMSF members] haven’t done anything to provide their details to their employer, this is a last-chance message if they’ve got a medium to large employer,” he said.
Broadly speaking, the ATO is pleased with SuperStream’s progress, Mr Hind added.
“We’re impressed with the commitment of many employers to get SuperStream ready. We’re now seeing well over one million SuperStream contributions made each month and this will continue to grow in the lead-up to the 30 June deadline for medium-large employers. There will also be rapid increases in SuperStream contributions as small employers get on board,” Mr Hind said.
The ATO expects that over 25 million member contributions will be processed using the SuperStream electronic standard during the first full year of operation, from July 2015.