All employers with more than 20 employees must be SuperStream compliant by 1 July 2015.
All employers with less than 20 employers must be SuperStream compliant by 1 July 2016.
SuperStream is a government reform aimed at improving the efficiency of superannuation system.
Under SuperStream employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.
Super funds, including Self-Managed Super Funds (SMSFs) must receive contributions electronically in accordance with SuperStream.
SuperStream standard is part of the government’s super reform package. It will provide a consistent, reliable electronic method of transacting linked data and payments for super. The goal is to improve the efficiency of the super system and to improve the timeliness of processing of contributions.
Mandatory under new legislation
Additional data elements and data validations such as the Unique Superannuation Identifier (USI) or Electronic Service Address (ESA) will become mandatory under the new legislation.
The ‘SPIN’ field will be replaced by a mandatory ‘USI/ESA’ field for Choice Fund contributions. For most Funds, the USI (Unique Superannuation Identifier) will actually be the same as the SPIN. All self-managed super funds (SMSFs) will now need to have an ESA (Electronic Service Address).
Ensure you meet the minimum data standards
There is a list of mandatory member data that must be included in all files to meet the new requirements. You should ensure the following mandatory member data is supplied when registering a new member:
Name, Tax File Number (TFN), Gender, Date of Birth, Residential Address, Contact Phone Number.
Same day data and payment
The new rules also make it clear that payment must be made on the same day that data is uploaded/sent and linked by a unique Payment Reference Number. If making a payment by Electronic Funds Transfer (EFT), please ensure that you include the reference number provided, which will change for each separate payment. A unique Payment Reference Number is not required when making payments by Bpay®.
Super Clearing House Online (SCH Online) will enforce mandatory data specifications to ensure that the processing of contributions is SuperStream compliant.
Further information regarding SCH Online changes click on the link below.
Getting more information or any help you may need is easy – simply contact the NSF Super team by phone from Monday to Friday 8.30am – 5.00pm AEST (excluding public holidays) on 1800 025 241, email email@example.com or go to the NSF website at http://nsfsuper.com.au/
The ATA’s Industrial Relations Manager, Wayne Lee, is also contactable on (03) 9372 1688 or email firstname.lastname@example.org should Members require further assistance.
Australian Trainers’ Association (ABN 86 182 142 206) Level 1 – 400 Epsom Road Flemington Victoria 3031 Phone: (03) 9372 1688 Fax (03) 9372 1699 E-mail: email@example.com Website: www.austrainers.com.au