03 Mar 15 ATO encourages employers to prepare for SuperStream
The ATO has issued media releases, in several languages, encouraging employers to prepare for the introduction of SuperStream which is changing the way they make superannuation contributions: ATO media release (2 March 2015).
SuperStream introduces a new standard for all employers which involves making super contributions electronically with linked data and payments. All super contributions are treated in the same way – whether sent to a default or choice fund, an APRA fund or self-managed superannuation fund (SMSF).
The ATO expects most large and medium employers will implement SuperStream between July and December of this year. Small employers (those with 19 or fewer employers) have another year before they commence using SuperStream, starting from 1 July 2015 but completing their implementation by no later than 30 June 2016.