What is “SuperStream”?

“SuperStream” is the name given to measures introduced by the Federal Government to ensure employer contributions are paid in a consistent, timely and efficient manner. Under SuperStream, employers must make superannuation contributions electronically.

What do business need to do?
Collect employee information

You need to have the following information in order to process the payments:

Information RequiredType of Fund
Tax File Number (TFN)All Funds
Fund ABNAll Funds
Unique Superannuation IdentifierAPRA Regulated Funds only
Bank Account DetailsSMSF only
Fund Electronic Service AddressSMSF only
Choose a payment option

You have 4 options with regards to how the payment can be made:

  • Super funds: Larger super funds may have online payment services which can be utilised. Check with individual funds to ensure they can be used.
  • Super clearing house: You make a payment to a “super clearing house” and they make the payment for you. If you have fewer than 19 employees, you can utilise the free ATO clearing house. If you have greater than 19 employees, there are commercial options available.
  • Payroll system: Some payroll software such as Intuit and Xero are SuperStream compliant. Please note upgrades may need to be made on software to ensure compliance.
  • Accountant or bookkeeper: You could ask your accountant or bookkeeper to use the above to process your superannuation payment.
When do you need to be compliant by?

Compliance dates are as noted below:

  • Businesses with 20 or more employees should be SuperStream ready by 31 October 2015.
  • Businesses with 19 or fewer employees should be SuperStream ready by 30 June 2016. The ATO advised that the transition should be made as soon as possible to ensure that it is running smoothly by the deadline.

To find out more about your compliance obligations or how to use SuperStream contact Infinity Group on 9792 2772.

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Infinity Group

Established in 1999, Infinity Group is a multi-service firm that specialise in the areas of Finance, Property, Accounting & Taxation, Insurance and Migration Services.

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