Operators are being encouraged to implement the SuperStream system sooner rather than later
Operators are being urged to implement the Federal Government’s new SuperStream superannuation system as soon as possible.
The SuperStream superannuation reform changes commenced this month and while there is a one to two-year transition period – depending on the size of the business – operators are being urged to implement the system now.
SuperStream will create a standardised system for employers, ensuring all contributions are made electronically with linked data and payments.
Australian Public Transport Industrial Association (APTIA) National Industrial Relations Manager Ian Macdonald says the previous system did not give employees a way to check superannuation funds had actually been deposited into the right account.
This has since been rectified with the new system.
“It was designed to provide employees with protection in regards to superannuation,” says MacDonald.
“It provides a system where an employee can get into an employer’s website and look at all those contributions.”
He says the Australian Tax Office (ATO) has been “generous” in allowing employers so much time to implement the system.
“We’ve been telling operators for some time now – this is what your requirements are.”
MacDonald says there will be some cost to operators to implement the system.
“I’m just hoping we get that message out clearly so our operators are compliant.”
Some operators will already be in a position to transition to SuperStream from July 2014, but the ATO expects most employers will undertake implementation between July and December this year.
All large employers must complete implementation by no later than June 30, 2015.
Small employers, those with 19 or fewer employees, must complete their implementation by no later than June 30, 2016.