As part of the transition to the new SuperStream Alternative File Format (SAFF), employers need to make sure they hold and use the correct super fund identifier details for the funds they are contributing to on behalf of employees.
SuperStream update - SAFF test files from providers
GESB is now ready to accept test files from payroll providers who are meeting the GESB SAFF data standards via Employer Online. Testing will be scheduled once GESB has received all test files from payroll providers.
We will be holding employer forums in May 2016 to release the data specification for our SuperStream system, channel B (SAFF). You will need this information to work with your payroll provider to ensure you have a compatible system in place by 1 July 2017. If you are intending to use a Channel A solution, with XBRL, please contact us directly for the specification document.
We are currently working on our solution to meet the Australian Taxation Office's (ATO's) SuperStream standards. We will be using a Channel B compliant approach for super contributions. We aim to release technical specifications for accumulation fund contributions to employers by the end of April 2016. Please note: the process for Gold State Super contributions will not change.
During November, GESB partnered with PricewaterhouseCoopers (PwC) to run a series of SuperStream forums to provide employers further information on compliant payroll solutions under the new Australian Taxation Office (ATO) standards.
Changes to the calculation of superannuation guarantee from 1 July 2008
From 1 July 2008 Australian employers must ensure that superannuation guarantee (SG) contributions of at least 9% of ordinary time earnings are made for their employees. Ordinary time earnings (OTE) are generally what employees earn for their regular hours of work.
The Australian Government's Stronger Super reform is aimed at making the Australian superannuation system more efficient and helping members to maximise their income in retirement. Part of this reform includes the introduction of MySuper.
When an employee provides a TFN for employment purposes, this can also be used for superannuation purposes. The employer is required to pass on the TFN to the super fund within 14 days of receiving it if it is received less than 14 days before their next contribution for the employee. In all other cases, the employer must pass on an employee's TFN with your next contribution to the fund.
The process for recovering overpaid super contributions has changed - with the approval of GESB and your employee, you can recover overpaid West State Super and GESB Super contributions through Employer Online. To find out more, simply log on to Employer Online.