SuperStream Show more
What is SuperStream?
SuperStream refers to a number of Federal Government reforms aimed at improving the efficiency and effectiveness of the superannuation system.
One of the main SuperStream reforms is the introduction of new mandatory data and payment standards which stipulate what information must be provided by employers to their super fund, and how super funds will process electronic data and payments.
What do you need to do?
To get ready for the implementation of SuperStream, you need to;
- Ensure you have all the mandatory information required about your employees including their Full Name, residential address, Gender, Date of Birth, Phone Number and of course Tax File Number;
- Work with your super fund to register and use an electronic processing system, to allow you to upload all your employee super payment records in the prescribed format.
At ANZ, we have an electronic payment processing system available to help you with this process. It’s called EasyTransact and offers a payment clearing house to ensure all default and choice of fund contributions can be administered using the one system. (View the Easy Transact PDS here)
By using EasyTransact to make your contributions for your employees you will automatically become compliant with the SuperStream electronic payment and data standards.
To register, please contact us on 13 47 43, Option 1, Option 1 Monday to Friday 8:30am - 6:30pm AEST.
For more information on SuperStream, you can visit www.ato.gov.au/Super/SuperStream/Employers/
MySuper Show more
MySuper was introduced to ensure default members - those who do not make an active investment choice - are provided with a cost-effective, simple super product that still offers certain benefits.
Beginning in November 2013, we’ve opened over 180,000 new MySuper accounts for default member employees. Since 1 January 2014, compulsory employer contributions for these members have been directed into ANZ Smart Choice Super. Your default member employees can now benefit from its low fees, online visibility and smart investments and insurance.
|Who has a new ANZ Smart Choice Super account?|
1. Existing default members
A new ANZ Smart Choice Super account was automatically opened for your active default members (MySuper members) last November, into which new contributions and rollovers have been directed. These members will have two accounts for a period of time until we transition their account balance from their original account into their ANZ Smart Choice Super account.
We will complete the transition before July 2017, unless directed by the member to do so sooner. Detailed communications, timeline and a comprehensive set of tools and resources will be provided to you and your employees.
2. Existing choice members
Employees who have chosen their own super fund or investment option, defined benefit members and those who were 100% invested in a capital guaranteed or cash fund at 31 March 2013 are not impacted by the MySuper changes. However, the law requires us to transfer the account balance of a member who has chosen the plan’s investment default as their investment option.
3. New employees since 25 November 2013
New employees who have not chosen their own super fund since 25 November 2013 have been set-up with an ANZ Smart Choice Super account. They are not impacted by the transition.
4. I’m an employer looking for a new plan
Looking to open a new plan and interested to find out more about ANZ Smart Choice Super? Call 13 47 43 today.
Discover more about the benefits ANZ Smart Choice Super can offer your employees.
Key Dates Show more
There are a few important dates you should know about:
|1 July 2014 - 1 July 2015||All employers with 20 employees or more must make super contributions electronically in accordance with the SuperStream data and payment standards|
|1 July 2015 - 1 July 2016||All employers with less than 20 employees must make super contributions electronically in accordance with the SuperStream data and payment standards|
|1 July 2017||All existing super account balances for MySuper members must be consolidated into their ANZ Smart Choice Super account|
ANZ EasyTransact is a secure, online, electronic super administration and contribution processing system that is compliant with SuperStream requirements. EasyTransact helps reduce the time you spend administering your employer superannuation plan with features such as:
- employer-initiated Direct Debit which makes paying contributions simple, eliminating the need for reconciliation;
- adding and removing or modifying member information from your plan;
- changing basic member details such as salaries or addresses in bulk;
- access to your employer online payment history;
- ability to produce Superannuation Guarantee contribution reports for members;
- submit employee contributions to any nominated fund in one batch
Find out more about how you can become SuperStream compliant with ANZ EasyTransact by calling 13 47 43, Option 1, Option 1 Monday to Friday 8.30am – 6.30pm AEST and our dedicated Help Desk team will get you started.