What is Superstream? And how it can simplify your Super commitments
This year, it will be mandatory for employers to use Superstream. In relation to the superannuation regulations and systems, businesses will be able to make electronic super payments to employees via Superstream. Offering a consistent, timely, and efficient method for employers to make super contributions, Superstream links superannuation data and payment details, allowing for data pre-filling and simple management. Superstream can also be connected to your current online accounting software, such as Xero or QuickBooks, and can simplify your regular payroll commitments.
The main benefits of using Superstream, include:
-
Standardised processing
- Save time – It will create data and payments standards, leading to automated and timely transaction processing.
- Lose fewer accounts – Reduce the number of multiple member accounts, and decrease your administration fees and run a lower risk of incorrect fund enrolments with multiple accounts.
- Improves data quality – By reducing the use of manual payments (cheque) and data transfers (paper forms), you can minimise your delays and costs from duplicated or lost accounts.
-
Timely information
- Improve your reporting – Provide better superannuation payment information to employees, including the amount and timing details, which can minimise confusion and ensure that the correct contribution allocations are processed.
- Accessibility – As Superstream is a secure Government initiative, employees will be able to monitor and track their contributions.
How to prepare your business for Superstream standards:
Step 1. Collect your employee information and understand the changes.
Required Information |
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. Determine your transition timeline
Number of employees |
Current ATO compliance requirements |
|
Medium to large employers (20 or more employees) |
Medium to large employers should have implemented the standards by 28 October 2016. |
|
Small employers (19 or fewer employees) |
Starting from 1 July 2016, small employers should have commenced implementing the standards and will have until 28 October 2016 to meet the requirements. |
Step 3. Explore contribution payment methods
There are 4 options with regards to how the payment can be made:
- Super funds
- Super clearing house
- Payroll system
- Accountant or bookkeeper.
Visit the ATO website for more information about Superstream.
For more information on Superstream or online accounting systems, please contact us below or call your local MAS Tax Office.
