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transcript
SuperStream Information for Tax Professionals
Presented by the SuperStream Project Team Australian Taxation Office November 2016
UNCLASSIFIED
PART ONE - Presentation: SuperStream for Employers SuperStream for SMSFs
PART TWO - Interactive section: Q&A – Your questions answered
SuperStream information for Tax Professionals
Overview:
How to participate
3 SuperStream information for Tax Professionals
SuperStream is a government initiative aimed at improving the
efficiency of the superannuation system.
All reportable employer super contributions must be made using
a SuperStream compliant solution.
Employers need to pay super and report the data electronically.
Every employer needs to implement SuperStream in their
businesses
‒ Employers with 20 or more employees should already be using
SuperStream to pay their employees super
‒ Employers with 19 or fewer employees had until 30 June 2016
NOTE: The ATO provided compliance flexibility until 28 October 2016 to
small businesses not yet SuperStream ready.
SuperStream for employers
SuperStream information for Tax Professionals 4
SuperStream information for Tax Professionals 5
What does SuperStream mean for your employer clients?
All employers need to make some changes to how super
contributions are made
o Collect extra information
o Choose a SuperStream compliant payment and reporting solution
Many businesses are reporting benefits from SuperStream
o All super contributions treated in the same way
o One single transaction for contributions to multiple funds.
o Better data quality = less time spent correcting errors
o Streamlined processing of super contributions
SuperStream for employers
Collecting SuperStream information
Additional information to be collected from employees to
send with SuperStream contributions.
For employees with a
self-managed super fund (SMSF) For all other employees
Collect:
Employee’s tax file number (TFN)
The SMSF’s ABN
The SMSF’s bank account details
The SMSF’s electronic service
address.
Collect:
Employee’s tax file number (TFN)
Their super fund’s ABN
Their super fund’s unique
superannuation identifier (USI).
SuperStream for employers
SuperStream information for Tax Professionals
7
SuperStream for employers
SuperStream information for Tax Professionals
SuperStream is mandatory for reportable employer contributions made
under super guarantee and salary sacrifice arrangements
SuperStream does not apply to - personal after-tax contributions
- related employers making contributions to their own SMSF.
For employers who can’t meet the electronic requirements:
- continue to meet their super guarantee obligations as they do now;
- contact their super fund to find out if they offer alternative options that comply
with SuperStream such as direct debits or over the counter bank payments;
- there are no exemptions under SuperStream, so all employers must find a
solution or have someone lodge and pay super on their behalf;
The ATO is investigating an alternative solution for employers in
regional or remote areas with unreliable or no internet access.
SuperStream options
Common ways employers are complying with SuperStream:
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― ATO’s free Small Business Superannuation Clearing House www.ato.gov.au/smsch
― Decision tool www.ato.gov.au/SuperStreamforEmployers
― SuperStream certified product register www.ato.gov.au/SuperStreamReadySoftware
A super fund’s
online portal
A clearing
house
Payroll
software
A messaging
portal
A tax
professional
SuperStream for employers
SuperStream information for Tax Professionals
UNCLASSIFIED – Superstream – Information session for employers 9
What does SuperStream mean for your SMSF clients?
SMSFs that receive Super Guarantee or Salary Sacrifice contributions
must be able to receive SuperStream contributions
SMSF members will need to provide their employer with their:
― ABN
― Bank account details
― Electronic service address (alias)
Many of their service providers such as SMSF administrators, software
providers and banks can provide them with the electronic service address
A list of providers can be accessed from the ATO website
https://www.ato.gov.au/Super/SuperStream/In-detail/What-you-need-to-
know/SMSFs/SMSFs---the-SuperStream-standard-for-contributions/
SuperStream for SMSF Clients
Common questions
I’m a sole trader – do I have to pay contributions under
SuperStream?
What is the related party exemption for SMSF contributions?
Do I have to use a clearing house?
I already pay super contributions using EFT or BPAY - am I
SuperStream compliant?
What do I do if an employee doesn’t provide me with information I
need to make a super contribution for them?
My current method of paying super works for me - why do I need to
change?
What if I won’t be ready in time?
11 SuperStream information for Tax Professionals
SuperStream
PART TWO - Interactive section: Q&A – Your questions answered
UNCLASSIFIED – SuperStream – Information for employers 13
More information:
ATO website: www.ato.gov.au/SuperStream
– FAQs
– Employer checklist
– Certified Product Register (find SuperStream compliant versions of
payroll software and a list of Messaging Portals)
– Register of SMSF messaging providers (to get an ESA for a SMSF)
Email: superadvice@ato.gov.au
Small Business Super Clearing House
www.ato.gov.au/sbsch
Thank you for your attendance and participation