Nicholas Kohler Director

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July 2015

Newsletter; PAYG payment summaries & SuperStream implementation for large employers extended until 31 October

 

PAYG payment summaries

Please remember that compulsory employer super contributions are not reportable superannuation contributions and do not get reported on PAYG payment summaries. Employers incorrectly reporting these amounts will have to amend the summaries.

 

SuperStream implementation for large employers extended until 31 October

SuperStream requires employers to make super contributions on behalf of all of their employees by submitting data and payments electronically in a consistent and simplified manner.

From 1 July 2014, SuperStream implementation was mandatory for employers with twenty or more employees but they had until 30 June 2015 to meet the SuperStream requirements. This date has now been extended to 31 October 2015. There still appear to be issues with some superannuation funds providing the necessary information for the software and clearing houses (fund ABN, USI, bank account details and electronic service address). The ATO has released a nine step guide to assist employers: https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/SuperStream-employer-checklist/

 

From 1 July 2015, SuperStream implementation is mandatory for all employers but they have until 30 June 2016 to meet the SuperStream requirements.

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