What is Superstream?

What is Superstream? And how it can simplify your Super commitments

This year, it will be mandatory for all employers to use Superstream. In regards to Australian superannuation regulations and systems, businesses will be able to make electronic super payments to employees via Superstream. This will provide employers with a consistent, timely, and efficient method to make super contributions, as Superstream links superannuation data and payment details, allowing for data pre-filling and easy management. Superstream can also be connected to your current online accounting software, such as Xero or QuickBooks, and can simplify your regular payroll commitments.

The primary benefits of using Superstream, include:

  1. Standardised processing
  • Save time – Create data and payments standards, leading to automated and timely transaction processing.
  • Lose fewer accounts – Lower the number of multiple member accounts; decrease your administration fees, and run at a reduced risk of incorrect fund enrolments with multiple accounts.
  • Improve your data quality – By reducing the use of manual payments (cheque) and data transfers (paper forms), you can minimise your delays and costs from duplicated or lost accounts.

 

  1. On time information
  • Improve your reporting – Deliver better superannuation payment information to employees, including the amount and timing details, which can minimise confusion and ensure that the correct contribution allocations are processed.
  • Accessibility – As Superstream is a secure Government initiative, employees will be able to monitor and track their contributions.

 

How to prepare your business for Superstream standards:

Step 1. Collect your employee information and understand the changes.

Required Information

Type of Fund

Tax File Number (TFN)

All Funds

Fund ABN

All Funds

Unique Superannuation Identifier

APRA Regulated Funds only

Bank Account Details

SMSF only

Fund Electronic Service Address

SMSF only

 

Step 2. Determine your transition timeline

Number of employees

Current ATO compliance requirements

Medium to large employers

(20 or more employees)

Medium to large employers should have implemented the standards by 30 June 2015.

Small employers

(19  or fewer employees)

Starting from 28 October 2016, small employers should have commenced implementing the standards and will have until 30 June 2016 to meet the requirements.

 

Step 3. Explore contribution payment methods

There are 4 options with regards to how the payment can be made:

  1. Super funds
  2. Super clearing house
  3. Payroll system
  4. Accountant or bookkeeper.

 

Want to learn more about Superstream? Stay up-to-date with the ATO website – Click Here

For more information on Superstream or online accounting systems, please contact us below or call your local office.

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