Are you ready for SuperStream?
Are you ready for the government’s new Super Reform Package called SuperStream?
The reform is aimed at linking data and payments for superannuation to enable improved tracking of superannuation. The Australian Taxation Office focus is to reduce the number of lost accounts and unclaimed monies.
From 1 July 2014 employers of 20 or more employees, and self-managed super funds must be prepared to use SuperStream.
Trustees of SMSFmust notify their place of employment of their choice of SuperStream by the 1 July 2014.
Employers who employ 19 or less employees will have until 1 July 2015 to get the process underway.
To view the ATO register of service provider’s click on SuperStream Register .