Stronger Super – changes to the way you pay super
The government has changed the way employers pay super.
The changes are part of the new SuperStream legislation that aims to make processing super payments more efficient by using online payment systems and standardised data.
New data and payment standards
The new payment and data standards ensures employers and super funds send and receive all super transactions electronically and in the same format. This means employers can make one payment for all staff, regardless of the super fund they belong to.
The Australian Tax Office (ATO) has produced a number of videos to help employers with the new data and payment standards. Or you can read the most up-to-date information about the standards on the ATO’s website.
|Using payroll software
|Using a service provider
What it means for employers
The new data and payment standard requires employers to:
- Send all data electronically (such as the employee’s details and the amount of super being paid) in a standard format
- Make contribution payments online
- Link data and money with a unique payment reference number
- Respond to fund requests for complete information within 10 business days.
Our payment solution - QuickSuper
QuickSuper* is our online payment solution that helps employers meet the new super requirements.
The QuickSuper clearing house is:
- Suitable for all businesses
- Free to use; and
- Government compliant.
Read more about or register for QuickSuper.
Other government Stronger Super changes
Removal of age limit for Superannuation Guarantee (SG) contributions
The upper age limit for paying super to an employee has been removed to encourage mature workers to remain in the workforce. This means you may need to make SG payments for eligible employees aged 70 years or older.
To work out if an employee is eligible for compulsory super payments; use the ATO’s Superannuation Guarantee Eligibility Decision tool.
Changes to the SG rates
As previously legislated, the Superannuation Guarantee increased to 9.5% on 1 July 2014, but it is proposed that the rate at which future increases will take effect will be slowed. The compulsory contribution rate will stay at 9.5% for the next seven years and then rise by 0.5% a year, reaching 12% on 1 July 2025.
To work out how much super you need to pay for each employee, use the ATO’s employee superannuation guarantee contributions calculator.
MySuper makes it easier for people to compare default super products.
MySuper products have common features and ensures members are not charged for unnecessary extras.
Key features of a MySuper are:
- Fees must be same for all members, including how fees are deducted from member accounts.
- Death and Total & Permanent Disability insurance must be provided in most instances, but you can cancel your cover if you choose.
- Members must have equal access to services, such as call centres, member education, financial advice about the fund and online account information.
What MySuper means for employers
If AustralianSuper is your default super fund, you don't need to do anything.
AustralianSuper is MySuper ready (65 714 394 898 856) and the Balanced option is MySuper authorised. You can access AustralianSuper’s MySuper Dashboard here.
If AustralianSuper is not your default super fund you need to:
- Make sure your default super fund offers a MySuper product
- Pay contributions into this product for any employees who have not chosen a fund.
If you need help meeting your MySuper super obligations and would like AustralianSuper to be your default fund, call us on 1300 300 273 or register online.
* QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by AustralianSuper. A Product Disclosure Statement (PDS) is available from Westpac upon request.