08 Aug 2019 Regarding Member 197’s comment ‘SBSCH’
MEMBER 203 writes:
The whole area of paying super and how it interplays with meeting employer super obligations needs to be looked at, as there seems to be little action in resolving genuine concerns of business employers.
Firstly, there is the issue when an employer can claim the tax deduction for superannuation which against the ATO view should be when it leaves the employer bank account and then there is the issue of what standards clearing houses should meet and who bears the cost if they do not meet it.
Superstream was meant to make things easier for employers to meet their obligations. It does fulfil some benefits by allowing a single payment rather than sending separate payments to a number of superfunds, but it fails in terms of timeliness in terms of when payments are made and issues are resolved.
To require some 5 business days’ notice to process an electronic payment is deplorable in this day and age when a direct credit will get there the next day and BPAY within 2 days and that’s before the superfund spends time allocating it. And let’s not forget all the data is stored electronically in the first place. Then by the way if there’s a stuff up it’s all the employers’ fault it would seem.