“SuperStream” What you need to know

Agenda What is “SuperStream”? Who is affected? What does “SuperStream” mean for You? How we can help you meet your obligations.

What is "SuperStream"?

Employer Super Fund Administrator

Employer Super Fund Administrator ePayroll

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream ElectronicSame Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream ElectronicSame Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream ElectronicSame Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different Format Many Reconciliation Issues Slow & Expensive SuperStream ElectronicSame Format Mandated by ATO Automated & Efficient

What is "SuperStream"? " SuperStream" is a new format or protocol for paying and fulfilling employees super contributions. "SuperStream" will start on 1 st July "SuperStream" will make the super administration system more efficient. Savings over $1B annually. "SuperStream" is completely electronic for contributions and payments. All contributions are sent in the same format.

What are the components of "SuperStream"? Employees not nominating their own superfund are automatically registered with the “default MySuper fund”. Employees are primarily identified by their Tax File Numbers (TFNs). Superfunds are now identified by a unique “Unique Superannuation Identifier” (USI). Self Managed Super Funds (SMSF) are required to provide an Electronic Service Address (ESA) and Australian Business Number (ABN).

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream Electronic Transmission Same Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream Electronic Transmission Same Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream Electronic Transmission Same Format Mandated by ATO Automated & Efficient

Current System Paper Based Each Super Fund Different format Many Reconciliation Issues Slow & Expensive SuperStream Electronic Transmission Same Format Mandated by ATO Automated & Efficient

Employer Super Fund Administrator ePayroll

Who is affected?

In short, Anyone involved in Super. Employers; Employees; Self Managed Super Funds (SMSFs) Payroll Services; Super Fund Administrators; Clearing Houses. Who is affected?

What does it mean for You?

Employers with 20 or more employees 1.Employers are obliged to use the “SuperStream” format from 1 st July New format requires employers to select a “default MySuper fund”. 3.Employees not nominating a super fund are automatically registered with the “default MySuper fund” after 30 days. 4.SMSFs need to provide ESAs.

Employers with 19 or less employees 1.“SuperStream starts 1 st July You can start earlier if you wish. It is more efficient. We will!

Checklist

1.Have you selected a “default MySuper” fund? 2.Do you have policies regarding the allocation of the “default MySuper fund” within 30 days? 3.Update your Super Choice form to include Unique Super Identifier (USI). 4.Ask employees with SMSFs to provide ABNs and ESAs. (We can help get an ESA if they don’t have one) 5.Ensure that the above are in place by 30 th June 2015.

“SuperStream” compliance with ePayroll 1.ePayroll has undertaken the software changes to ensure we are fully compliant with “SuperStream”. 2.Our “SuperStream” service is fully integrated into our payroll service. Once you run the payroll you need do nothing. 3.“SuperStream” transfers take place each month on the 7 th or the 21 st after the end of the quarter. 4.We will register new employees with the “default MySuper fund” where they have not chosen a fund. 5.All “SuperStream” transfers are tracked and a 4 hour response to Super enquiries are provided.

“SuperStream” compliance with ePayroll Once you have provided all the new employee details and approved the payroll you do NOT have to: a.Load employee super details anywhere; b.Make payments to third parties; c.Track lost payments and contributions data; d.Load new employees details to your “default MySuper fund”. e.Apply for a ESA for employees with SMSFs.

We have it all covered

Questions? – A link to this presentation will be ed to you together with supporting documents and an evaluation survey.

Thank You