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Government Postpones SuperStream Rollout

It’s been one of those regulatory requirements that has been a low priority, if even understood by employer groups.  From 1 July this year, large employer groups (defined by having more than 20 employees) were due to start remitting employer superannuation contributions to SMSFs using the Government’s “SuperStream Data and Payment Standard”.  It is all part of the Government’s Stronger Super initiative and introduces a streamlined method of sending superannuation payments and associated information electronically.

We and our software providers have been working to this deadline, however the government has just announced a postponement until 1 July 2015.

Most people will need do nothing at this point, however if an employer wants to contribute to your SMSF in this way and asks you to provide an Electronic Service Address (ESA), call us to discuss, or simply provide them with the attached form (existing clients only).

If you require any further information about this new regulation or how this may impact on you as an employer or employee, please contact us. 

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