SuperStream is Here!!!
How will SuperStream benefit employers?
These changes have a range of potential benefits for employers, including:
- the opportunity to use a single channel when dealing with super funds, regardless of how many funds your employees contribute to
- less time spent dealing with employee data issues and fund queries
- greater automation and reduced cost of processing contributions and payments
- more timely flow of information and money in meeting your superannuation obligations
When do I have to start using SuperStream?
20 or more employees: must be SuperStream compliant by 30 June 2015
19 or fewer employees: SuperStream starts the 1 July 2015 and you have until 30 June 2016 to meet the SuperStream requirements when sending superannuation contributions on behalf of your employee. If you are ready you can begin now
What are my options for meeting SuperStream?
Every business is different, so there’s no ‘one size fits all’ approach to adopting SuperStream
Employers have options for meeting SuperStream – either using software that conforms to SuperStream; or using a service provider who can meet SuperStream on your behalf. We recommend that you start investigating your options now.
Your options may include:
- upgrading your payroll software
- using an outsourced payroll function or other service provider
- using a commercial clearing house or the free Small Business Superannuation Clearing House (19 or fewer employees).
Your default fund may also have its own electronic channel that can be used during the transitional period up to 30 June 2016. This fund can provide you with details about how to comply with the SuperStream using their preferred facilities.
Do I need to collect additional Information to make contributions using SuperStream?
Yes. To support contributions being made using the SuperStream standard employers will need to collect some new data that will be included in their payroll file to facilitate electronic processing.
Employers will need to collect the following information:
- unique superannuation identifier (USI) for APRA-regulated funds
- ABN for SMSF funds,
- bank account details,
- electronic service address
- for new employees, the choice of superfund form will be updated to include this information
Your HR or payroll provider will provide you with options to support the capture of this information whether this is updating your existing payroll file or storing this information until an update is made available.
My clearing house shields me from a lot of this complexity, so why do I have to change?
Provided your clearing house submits data and payments electronically on your behalf in accordance with SuperStream, you will not have to make any change to how you provide information or payments to them.
Over the next 12 months we will be updating the eBrief every quarter regarding SuperStream.