SuperStream is part of the Stronger Super reforms aimed at improving the efficiency of the superannuation system. It involves employers paying super and sending information about those payments electronically.
All employers in Australia need to implement SuperStream in their business and the Government is reminding employers to begin preparation for the changes ahead of the 30 June 2016 final SuperStream compliance date for small employers.
SuperStream is the new way for employers to make super contributions electronically. It is a government initiative that will improve the back office processing of superannuation, making things simpler and quicker for most employers. Under SuperStream, the exchange of information between super funds and employers is done electronically and in a standardised way.
With SuperStream, super is:
- Is electronic and standardised
- Can be done for all your employees through one channel
- Is easier and will save you time.
Preparing for SuperStream takes a little time so it’s important to prepare now.
If you have 19 or fewer employees you must be SuperStream ready no later than 30 June 2016. If you have 20 or more employees you should be SuperStream ready now.
The SuperStream employer checklist lists what you need to do in three steps:
- Choose an option
- Collect information
- Start SuperStream.
More information about SuperStream can be found at www.ato.gov.au/superstream or visit Frequently Asked Questions.