Super Stream what is it?
SuperStream is a standard of measures, introduced by the Federal Government, for processing superannuation data and payments electronically.
The main aim of SuperStream is to ensure employer contributions are paid in a consistent, timely, efficient manner.
Under SuperStream, you need to pay super contributions for employees electronically (EFT or BPAY) then send associated data electronically.
If you make super contributions for employees you need to get ready forSuperStream.
Businesses with 20 or more employees should already be using SuperStream. Businesses with 19 or fewer employees had until the end of June 2016.
However, the ATO extended the deadline to small businesses to 28 October 2016 to get SuperStream ready.
This means the ATO will not be taking compliance action against small businesses that missed the 30 June deadline.
To read up on SuperStream info supplied by the ATO, click here.
You can also find information on ATO web page for Small Business Superannuation Clearing House and case studies on the website.
Source: The Tax Institute
Small Employers (19 or less employees)
What are your options?
You have two options to comply with the new standards. You can either use;
- a software solution that conforms to SuperStream, or
- a provider who can arrange SuperStream compliance on your behalf, like Sunsuper.
Find out more about Sunsuper’s SuperStream solutions or call 13 11 84 to discuss requirements
Superguide founded by Trish Power, author of Superannuation for Dummies, Super Freedom (a woman’s guide to super), and DIY Super for Dummies.