Are You Superstream Compliant Yet?

7
May

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®.

Please note:

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.

http://www.sch-online.com.au/Home/?page=We-are-now-superstream-compliant

Need help?

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 enquiries@nsfsuper.com.au 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 ata@austrainers.com.au should Members require further assistance.

Disclaimer Notice

The information provided above is of a general nature based upon a range of similar enquires received from Members of the Australian Trainers’ Association (ATA) or related matters involving the Horse and Greyhound Training Award 2010 (HGTA).  The information is of a general nature only and therefore may not take into consideration pertinent facts or details that may influence any course of action, and does not constitute the giving of advice including without limitation, legal or qualified advice.  ATA Members’ may contact the ATA Head Office for further assistance if required. The Disclaimer Notice is to be read in addition to Terms of Use for the ATA Website.

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: wayne@austrainers.com.au  Website: www.austrainers.com.au