Get started now so you are ready by 30 June
If you are an employer it’s important you know about some changes in the way you pay super and that you take action now.
SuperStream is about linking electronic payments and reporting. Under SuperStream employers are able to pay super to multiple super funds in one transaction. This should reduce the time it takes to pay super to minutes and reduce payment processing costs.
All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format.
If you are not already paying super using SuperStream it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline.
What you need to do:
There are a number of options you can choose to implement SuperStream. Depending on what works best for your business you can choose to use:
› your super fund’s online system
› a clearing house
› a payroll system that is SuperStream ready.
There is a minimum set of data you need to collect for new and existing employees, including:
- Employees’ full name
- Tax File Number (TFN)
- Date of birth
- Residential address details
- Contact number
- Superfund’s ABN
- Unique superannuation identifier (USI)
- Superfund Membership Number
- Bank account details for Employees’ SMSF (if applicable)
- Electronic service address for Employees’ SMSF (if applicable)
For existing employees where you are paying an APRA regulated funds, the main information you need is the fund’s name and their USI.
For employees where they have self-managed super fund (SMSF), you need to know the SMSF’ ABN, bank account details and Electronic Service Address. (Please contact us if you need setup an ESA).
Once you have obtained all the information, you start to make your first SuperStream contribution.
