From 1 July 2016 all employers needed to comply with SuperStream requirements in paying their employee’s superannuation contributions.
Using an ATO recognised superannuation clearing house is the simplest way for employers to comply with the data transfer requirements. A clearing houses may charge a minimal fee to:
- Process all of your superannuation payments
- Meet the new data standards requirements
- Validate the funds you are paying and ensuring they are a complying fund.
When choosing a clearing house, there are a few things to consider:
- It’s important to select an independent provider recommended by the ATO. SuperChoice* is a clearing house commonly used amongst clients. In having most of our clients with the one clearing house, we know there is greater leverage to follow up matters.
- Where most of your employees are with one fund it may be preferable to use that fund’s clearing house.
All self managed super funds require the establishment of a data exchange account. There are many suppliers available to employers.
The ATO provides several online resources for employers. Go to ATO SuperStream and learn more. A checklist for employers is also available ATO Employer checklist – A step by step guide to preparing for SuperStream.
To discuss the implications of Superstream on your individual circumstances please contact Hall Chadwick Chartered Accountants Melbourne.
*Hall Chadwick Melbourne and/ or its associated entities does not receive any benefit from SuperChoice and or its associated entities