COMPSUPER REPORTING CHANGES FOR CSS/PSS - SAFFE
Last updated on MARCH 09, 2017
Applies to:PeopleSoft Enterprise HCM Global Payroll Australia - Version 9.1 to 9.2 [Release 9]
Information in this document applies to any platform.
Changes to the COMPSUPER REPORTING FOR CSS/PSS - SAFFE
The Australian Government carried out a comprehensive review on the superannuation industry, aiming to enhance efficiency by replacing costly paper processes with automated electronic messaging leading to improved efficiency of the superannuation system as a whole. Following extensive community consultation, the Australian Taxation Office (ATO) has adopted international e-Commerce standards for SuperStream.
ATO is providing arrangements for an early and voluntary induction process from 1st of July 2014 to June 2015 where APRA funds have been given additional flexibility to receive compliant contributions on or before 3rd of November 2014 or an alternative start date to comply by notifying the ATO of this date and implementation plan by no later than 30th of September 2014.
This provides flexibility for large and medium employers and SMSFs in complying with SuperStream up until 1st of July 2015. Small employers have to start using the standard from 1st July 2016. However the overall transition period has been extended up to 30th June 2017.
SuperStream forms part of the broader group of Australian Government initiatives known as Stronger Super. SuperStream Standard for Contributions (the Standard) is a prescribed electronic format for contribution data and payments to be sent to superannuation funds. The Standard ultimately aims to make the processing of superannuation transactions easier, cheaper and faster across the industry.
The Standard prescribes the data elements that must be sent from employers to funds.
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