SuperStream - Are you ready? - 5th May 2014

SuperStream is a Government initiative to ensure that all contributions paid by larger employers are paid electronically via SuperStream from 01 July 2014.

A large employer is one with 20 or more employees as at the commencement of the financial year, i.e. 01 July 2014. There is no allowance for casual or part time employees, just the pure numbers.  

Smaller employers, those with less than 20 employees will have a further 12 months to become compliant, although the Government is encouraging early adoption of the scheme. 

Please note that from 01 July 2014 large Super Funds will no longer accept contributions paid by cheque, BPay or by Electronic Funds Transfer (EFT) and they will begin notifying you in the next few months. 

This new scheme will also affect you if your contributions are paid into your Self Managed Superannuation Fund (SMSF), and you work for an employer with more than 20 employees. 

For more information, visit our website, go to the "Downloads" section, and read the document called "SuperStream - Are you Ready?". 

If you still have questions please call our office. 

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