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Superfunds demanding more than they should!

Superstream being ignored by some Superfunds

Some Superfunds are ignoring the logic of SuperStream and sending threat letters to employers, which is getting out of control. The most effective way for an employer to embrace the efficiency of SuperStream is to use one gateway, preferably provided by their payroll software, and pay it all in one process.

Superfunds need to get on board. Encourage and embrace employers who are working with this system. Stop sending legal letters because you can’t process as quickly as you should.

Superfunds, stop tricking people into paying monthly when really they have no legal obligation to do so.

There are some good Superfunds around who are working with the system, there are some others that aren’t playing well.

The ATO should be bringing the Superfunds into line.

ICB is in discussion with the ATO to work on what is acceptable behaviour from the funds and also a checklist of things an employer needs to assess before they agree to a fund’s terms and conditions.

Nil payment advices should not be required.

Monthly payments are not required by Superannuation Guarantee but can be required by Modern Awards.

An employer is definitely allowed to pay through one gateway and does not have to pay separately to each fund.

Superfunds cannot demand you pay them directly.