What is Superstream? Understand your Bookkeeping and Accounting
Author │ MAS Tax Accountants Dandenong
“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?
Step 1: Collect employee information
You need to have the following information in order to process the payments:
Information Required |
Type of Fund |
|
Tax File Number (TFN) |
All Funds |
|
Fund ABN |
All Funds |
|
Unique Superannuation Identifier |
APRA Regulated Funds only |
|
Bank Account Details |
SMSF only |
|
Fund Electronic Service Address |
SMSF only |
Step 2: 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.
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