This ATO video is for employers and provides information about the Superannuation Reforms – Data and Payment Standard including employer obligations key dates and options to consider to enable them to make contributions under the new standard. This video also features some businesses sharing their current circumstances and options they are considering to meet their obligations under the standard.
The benefits of Superstream:
Streamline the super contribution process
A simpler and consistent way of making contributions
Electronic data and payments in a common format for all funds
When do I have to start using the standard?
If at 1 July 2014 you have:
20 or more employees (medium or large employer) – you must start using the standard from 1 July 2014
19 or fewer employees (small employer) – you must start using the standard from 1 July 2015.
If you are a new employer (that is, you start your business after 1 July 2014) and have:
20 or more employees – you must start using the standard from your first contribution date
19 or fewer employees – you must start using the standard from 1 July 2015.