What is SuperStream?
SuperStream requires an employer to send contributions electronically in a standard format with linked data and payments. Implementing SuperStream means a change in processes for employers and funds. In many cases, it will also mean a change in systems.
When do I have to be ready?
Employers with 20 or more employees – must do so no later than 30 June 2015.
Small employers with 19 or fewer employees – SuperStream contributions start from 1 July 2015 onwards and you will have up to 12 months to make the change.
Whether you are making contributions to a default, choice or self-managed superannuation fund (SMSF), you are required to use the SuperStream format.
A SuperStream contribution must include certain minimum information including:
There are a number of ways to get the required information including through the choice form, a default fund or your service provider.
As of 1 July 2014, where an employee has provided their TFN, you must also include this in their contribution record.
There is no single solution for making SuperStream contributions. Your options may include:
The ATO has developed a range of products, including case studies and frequently asked questions to help you understand SuperStream and assist you to identify a solution to suit your business.