Media Super Employer Update
SuperStream is a reform from the ATO to make paying superannuation more efficient for business owners. The SuperStream reforms are designed to enhance the ‘back office’ of superannuation by standardising how data is communicated for superannuation transactions.
Changes to the Australian Superannuation Guarantee come into force from July 2015. The current minimum 9.5% deduction from payrolls will start to rise to its targeted 12% in 2025-26. Printing employers need to adjust payrolls to cater for the gradual changes to the minimum SG percentage base
Key reforms in the package are designed to:
> allow the use of TFNs as primary account identifier
> encourage the use of technology to improve processing efficiency
> improve the way fund-to-fund rollovers are processed and the way contributions are made.
Over time, these reforms will allow for more automated processing of contributions. This automation should result in contributions being allocated to members’ accounts faster and more accurately and should reduce the costs for processing contributions across the superannuation system.
Under SuperStream, employers must make super contributions electronically. Contributions data and contribution payments are sent electronically. Businesses with more than 20 employees must be SuperStream compliant by 1 July 2015. If you haven’t made the transition there’s still time to get your business ready.
Media Super is here to help
According to Erick Cordero, General Manager Growth, making the transition to SuperStream may require substantial process changes for business owners. "The Media Super team has been working with our employer businesses over the past 12 months to help them make a smooth transition to the new system. We offer a payment solution that ensures they are SuperStream compliant, with an easy and efficient payment process, no matter how many employees (or funds) businesses pay to," he said.
"Our team can assist you in making the necessary changes and will come to your site/office and work with your team to implement the new system to make the transition as easy as possible. Media Super’s payment solution is not only SuperStream compliant, it also takes the burden away from businesses having to deal with multiple funds by providing a clearing house service, at no cost.
"This is also a great opportunity to review your payroll superannuation process to ensure it’s operating as efficiently as possible," said Cordero.
Media Super is working with Printing Industries to reach as many businesses as possible and get the industry ready for 1 July, by hosting a free SuperStream webinar on Thursday, 23 April that will provide an overview of the reforms and business requirements.
Media Super will also be in the Better Business zone at PrintEx in May, available to talk through SuperStream reforms or any other superannuation questions you have.