“superstream” what you need to know. agenda what is “superstream”? who is affected? what...

“SuperStream” What you need to

know

Agenda

• What is “SuperStream”?

• Who is affected?

• What does “SuperStream” mean for You?

• How we can help you meet your obligations.

What is "SuperStream"?

Employer

Employer

Employer

Employer

Employer

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

Employer

Employer

Employer

Employer

Employer

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

ePayroll

CurrentSystem

Paper Based

Each Super Fund Different

format

Many Reconciliation

Issues

Slow & Expensive

SuperStream

Electronic

Same Format

Mandated by ATO

Automated & Efficient

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

CurrentSystem

Paper Based

Each Super Fund Different Format

Many Reconciliation Issues

Slow & Expensive

What is "SuperStream"?• "SuperStream" is a new format or protocol for

paying and fulfilling employees super contributions.

• "SuperStream" will start on 1st July 2015.

• "SuperStream" will make the super administration system more efficient. Savings over $1B annually.

• "SuperStream" is completely electronic for contributions and payments.

• All contributions are sent in the same format.

What are the components of "SuperStream"?

• Employees not nominating their own superfund are automatically registered with the “default MySuper fund”.

• Employees are primarily identified by their Tax File Numbers (TFNs).

• Superfunds are now identified by a unique “Unique Superannuation Identifier” (USI).

• Self Managed Super Funds (SMSF) are required to provide an Electronic Service Address (ESA) and Australian Business Number (ABN).

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

CurrentSystem

Paper Based

Each Super Fund Different format

Many Reconciliation Issues

Slow & Expensive

Employer

Employer

Employer

Employer

Employer

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

Super Fund Administrator

“SuperStream”ePayroll

Who is affected?

In short, Anyone involved in Super.

• Employers;

• Employees;

• Self Managed Super Funds (SMSFs)

• Payroll Services;

• Super Fund Administrators;

• Clearing Houses.

Who is affected?

What does it mean for You?

Employers with 20 or more employees

20+Employee

s

1. Employers are obliged to use the “SuperStream” format from 1st July 2015.

2. New format requires employers to select a “default MySuper fund”.

3. Employees not nominating a super fund are automatically registered with the “default MySuper fund” after 30 days.

4. SMSFs need to provide ESAs.

Employers with 19 or less employees

19or less

Employees

1. “SuperStream starts 1st July 2016.

2. You can start earlier if you wish. It is more efficient. We will!

Checklist

1. Have you selected a “default MySuper” fund?

2. Do you have policies regarding the allocation of the “default MySuper fund” within 30 days?

3. Update your Super Choice form to include Unique Super Identifier (USI).

4. Ask employees with SMSFs to provide ABNs and ESAs. (We can help get an ESA if they don’t have one)

5. Ensure that the above are in place by 30th June 2015.

“SuperStream” compliance with ePayroll1. ePayroll has undertaken the software changes to ensure we

are fully compliant with “SuperStream”.

2. Our “SuperStream” service is fully integrated into our payroll service. Once you run the payroll you need do nothing.

3. “SuperStream” transfers take place each month on the 7th or the 21st after the end of the quarter.

4. We will register new employees with the “default MySuper fund” where they have not chosen a fund.

5. All “SuperStream” transfers are tracked and a 4 hour response to Super enquiries are provided.

“SuperStream” compliance with ePayrollOnce you have provided all the new employee details and approved the payroll you do NOT have to:

a. Load employee super details anywhere;

b. Make payments to third parties;

c. Track lost payments and contributions data;

d. Load new employees details to your “default MySuper fund”.

e. Apply for a ESA for employees with SMSFs.

We have it all covered

Questions?

Email – super@employgroup.com.auA link to this presentation will be emailed to you together with

supporting documents and an evaluation survey.

Thank You