On 1 July 2015, employers with 20 or more staff, must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
The window is closing fast on the deadline to be compliant with the new standard and the Australian Taxation Office (ATO) urges businesses to not leave it until the last minute.
The goal of the standard is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions, and reduce the number of lost accounts and unclaimed monies.
Employers must also collect additional information that needs to be included in the payroll file they will send electronically.
Any employer who has not yet started to prepare for the changes should act now. The ATO has provided a step-by-step checklist to help employers prepare, at www.ato.gov.au/SuperStreamChecklist. However, the best way to be ready is to talk to your default superannuation fund.
Intrust Super’s super clearing house service, SCH Online, ensures employers are compliant with the new legislation. SCH Online can lodge all SG contributions to all funds, using one easy log-in, one data upload and one payment. The service saves time and resources and gives businesses the peace of mind knowing they are ready for 1 July.
Give Intrust Super a call today on 132 467 if you need any assistance, even if they aren’t your default super fund. They are at your service.
Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN/USI: HPP0100AU | RSE Registration No: R1004397
The Clearing House functionality within EmployerAccesss is provided by the Superannuation Clearing House (SCH) as an Authorised Representative of Pacific Custodians (ABN 66 009 682 866 AFSL 295142). Both the SCH and our administration provider, Australian Administration Services (AAS) (ABN 62 003 429 114), are part of the Link Group of companies and therefore separate to IS Industry Fund Pty Ltd, the Trustee of Intrust Super. The Trustee is not responsible for the products or services, views or actions of these organisations. Employers should use their own judgment before taking up any product or service offered by a third party.