SuperStream is a Government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting payments electronically in a consistent and simplified manner. It must be used by employers, self managed super funds and APRA regulated funds.
It’s mandatory for small businesses with 19 or fewer employees to meet the SuperStream standard by 30 June 2016.
Larger employers should have been using SuperStream since 31 October 2015.
SuperStream data is in a standard format so funds and data can be transmitted consistently across the superannuation system – between employers, funds, service providers and the Australian Taxation Office (ATO). The data is linked to the payment by a unique payment reference number.
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
Our AFS payroll administrator Allison Wilson says “it may seem like a daunting and time consuming task to undertake, but it’s quite easy. Start the process now to get organised.”
If you have any questions about SuperStream you can call our office for assistance on 03 5443 0344. We are happy to help.