Presence of IT and ClickSuper has announced a strategic partnership to offer services for employers relating to the Federal Government’s SuperStream initiative.
From November 2014, SuperStream introduces a new set of standards intended to streamline the way employers communicate with superannuation funds. Companies with less than 20 employees will have until July 2015 to comply with the new regulations.
The system is being implemented by the Australian Tax Office (ATO) and the Superannuation industry, who want to move the super industry to a purely electronic process. Super payments and contribution data will be transferred to from employers to superfunds electronically using a common set of standards.
Presence of IT and ClickSuper said the new partnership will enable employers to comply with the impending set of standards by offering full automation and streamlining communication of data and payments.
ClickSuper chief executive, Robin Beauchamp, said that large employers who have not begun the process of integration will need to start now.
The e-commerce solutions provider is a founding member of the superannuation transaction networking group established to guide the implementation of SuperStream gateways. It is one of only seven active gateways.
“We have been involved in driving the SuperStream reforms both as a gateway provider and a clearing house. Our processes and systems have been largely mirrored by SuperStream to optimise efficiency in the Australian Superannuation Industry,” Beauchamp said.
Presence of IT chief technical officer, Shaun Flannery, said there are two main issues enterprise resource planning (ERP) vendors may have difficulty supporting. The transformation of the data file to the appropriate format and the packaging and sending of transactions using the secure protocol.
“This is where Presence of IT and ClickSuper can help. By working with employers running SAP or Oracle ERP systems, we can help them build a roadmap to compliance across both financial and payroll applications. The process can be fully automated, thereby eliminating the need to re-enter employee data, or jump into a separate payment mechanism for superannuation contributions.”Read more: Businesses to focus on corporate reporting and compliance: CCH