Tips for Superannuation
Super Stronger Update
At Hostplus, we are focussed on being the nation’s premier provider of superannuation products and services.
It’s no surprise we’re passionate about super and as the leading industry fund for hospitality, tourism, recreation and sport we are also firmly committed to ensuring our employers and members are getting the most out of their super. At the basic level, this means helping you understand your superannuation obligations and any legislation updates so you can get on with what you do best – running your business.
SuperStream
You may have recently heard a lot about Stronger Super reforms (Stronger Super). SuperStream is part of Stronger Super and is the name given to the package of proposals for improving the processing of everyday superannuation transactions. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
This will bring significant benefits for employers and their employees improving the employer experience when making contributions by reducing cost and effort as well as eliminating unnecessary variation in how contributions are made.
For employees, it means the value of their retirement saving will be better protected.
How will SuperStream impact you?
SuperStream will become mandatory for all employers making super contributions. For employers with 20 or more employees, also known as medium to large employers, you should have started your preparation towards SuperStream. From July 1 2015 you will need to meet the SuperStream requirements.
Employers with 19 or less employees, need to comply with SuperStream from 1 July 2016. Although you should aim to implement your first SuperStream contribution as soon as possible to avoid any last minute worries. To read the most up-to-date information about the standards, visit ato.gov.au.
QuickSuper – The Hostplus online employer payment solution
The good news is, Hostplus has a quick, easy to use and free of charge solution for Hostplus participating employers who offer Hostplus as their registered super fund, QuickSuper.
Benefits of QuickSuper
- Saves time – QuickSuper can save days of administration each superannuation payment cycle. Spend a few minutes upfront entering relevant contribution details for each of your staff or upload a file containing the details and QuickSuper will automate the payment processing in one simple transaction.
- Flexible – You can choose to make payments weekly, fortnightly, monthly or quarterly. QuickSuper provides access to every registered superannuation fund in Australia. Your business saves time, making one payment, no matter how many different superannuation funds your employees have chosen. You can make the payment in your preferred payment method of EFT or direct debit, as opposed to having to make multiple payments.
- Easy access – QuickSuper provides your business with fully automated reporting of your employee superannuation contributions and transaction history. The reports are easily accessed and downloaded, available 24/7.
- SuperStream Compliant – A safe and secure way to pay and administer super online for all employees.
- Improves accuracy – Pre-validating your submitted data and letting you know if there are any missing details before submitting.
- Free of charge – Best of all, QuickSuper is free for eligible Hostplus registered employers.
What do I have to do now?
Don’t be in breach of your SuperStream obligations. If you are a registered Hostplus employer who offers Hostplus as a default fund you are eligible to use QuickSuper. If you’d like to get started, simply visit hostplus.com.au/quicksuper.
Hostplus are here to help
Of course, if you’d like more information, we’d be happy to help. You can email us at [email protected] or call one of our specialist Employer Services Consultants on 1300 223 423, 8am – 6pm (AEST), Monday to Friday. Or if you would like to watch a demonstration of QuickSuper, simply visit hostplus.com.au/quicksuper
Not with Hostplus?
It’s easy to join. Call us on 1300 467 875 8am-8pm AEST weekdays or visit our website hostplus.com.au.
QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. A product disclosure statement (PDS) is available from Westpac upon request. The information in this article is general in nature and does not consider any of your objectives, financial situation or needs. Before acting on this information, you should consider obtaining advice from a licensed financial adviser and consider the appropriateness of this information, having regard to your particular investment needs, objectives and financial situation. You should obtain a copy of the Hostplus Product Disclosure Statement (PDS) available at hostplus.com.au and consider the information contained in the PDS before making any decision about whether to acquire an interest in Hostplus.Issued by Host-Plus Pty Ltd ABN 79 008 634 704, AFSL 244392 as trustee for the Hostplus Superannuation Fund ABN 68 657 495 890, RSEL No. L0000093, MySuper No. 68657495890198, RSE No. R1000054.
