SuperStream is a newly introduced (June 2015) Federal Government reform that establishes a standard format system for employer super contributions (SGC).
Small Businesses with 19 or fewer employees are required to be SuperStream compliant by June 30, 2016.
Essentially, what this means is employers are now required to provide payments in a specific electronic format. The main aim of SuperStream ” is to ensure employer contributions are paid in a consistent, timely and efficient manner “.
What Options do you have?
The three options are:
- Pay directly using SuperStream Certified accounting/payroll system like Xero
- Use your Employers Super funds online system
- ATO Super Clearing House.
Key points you must be aware of
- All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN.
- All employees who nominate a Regulated Superannuation Fund will need to provide new superannuation fund details.
The above will need to be updated in your payroll system.
SuperStream Employer Checklist
The ATO provides a comprehensive Employer Checklist to assist in understanding their requirements.