We wrote about the upcoming changes to the process of making and receiving superannuation contributions in February this year.
Dubbed SuperStream, the new requirements are intended to improve the process of receiving contributions and processing rollovers, and cut the associated administrative costs, while also reducing the number of lost and/or unclaimed accounts. All super funds, including Self-Managed Superannuation Funds (SMSFs), were to be ready to receive superannuation contributions by electronic means only by 1st July 2014.
This deadline for implementation has now been extended to 1st July 2015 to allow more time for employers and trustees to get ready for the change.
Under the proposed SuperStream system, employers are required to submit contributions electronically and provide a minimum set of data with each contribution. Employers with 20 employees or more now have until the 1st July 2015 deadline to make their systems compliant, while smaller employers have until 1st July 2016.
On other side of the contribution transaction, trustees of superannuation funds will be required to receive contributions in the appropriate electronic form, and will also need to establish an electronic service address with an approved provider.
We'll keep you up to date with more information and if we look after your SMSF work, we'll make sure that you are fully compliant in time for the deadline for implementation, including establishing a compliant electronic service address for you. In the meantime, if you have any questions, please contact us.