The deadline is one month away for large organisations to get on board with the federal government’s SuperStream superannuation reforms.

As of 1 July 2015, employers with 20 or more employees are expected to have switched over to a standardised electronic reporting system for contributions. Employers with 19 or fewer employees have another year to complete implementation, no later than 30 June 2016, and they are being encouraged to use the ramp-up time to prepare.

The initiative will require all super contributions to be treated the same way, whether a default, choice, APRA or self-managed fund, in an effort to simplify the way contributions are made to multiple super funds. It also promises to provide better information about the amount and timing of superannuation payments to employees, as well as whether the contributions have been received.

As of June 2010, the ATO estimated there were 33 million superannuation accounts in Australia, approximately three for every worker with a further 5 million accounts on the Lost Member Register. The ATO expects the new system, which takes advantage of electronic payment systems, to further benefit employers by reducing errors and costs by simplifying the back office functions.

The ATO will continue to provide support during the transition period, and has promised flexibility for employers making a genuine effort to adapt to the SuperStream system.

For more information, visit the ATO website.