What is SuperStream?
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. It’s designed to make paying super contributions easier.
There are key changes to the data and payment standards. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
These changes will benefit employers in a number of ways, including:
- The opportunity to use a single channel when dealing with superannuation funds, regardless of how many funds your employees contribute to
- Less time spent dealing with employee data issues and fund queries
- Greater automation and reduced cost of processing contributions and payments
- More timely flow of information and money in meeting your superannuation obligations
SuperStream was introduced back in 2014, but employers who have 20 or more employees have until 30 June 2015 to start meeting the SuperStream requirements. For employers with 19 or fewer employees, SuperStream starts from 1 July 2015, and you have until 30 June 2016 to meet the SuperStream requirements.
How do I prepare?
Before you start implementing SuperStream, you will need extra information and new data from your employees. New data will be included in their payroll file to facilitate electronic processing.
Employers need to collect the following information:
- Unique superannuation identifier (USI) for APRA-regulated funds
- ABN for SMSF funds
- bank account details
- electronic service address
To ensure you meet the SuperStream requirements and make the process easier, you have a number of options:
- Upgrading your payroll software
- Using an outsourced payroll function or other service provider
- Using a commercial clearing house or the free Small Business Superannuation Clearing House (19 or fewer employees)
To find out more about Fortis Accounting Partners‘ SuperStream Solutions, get in touch with the team on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
