Payroll Blog

Superstream – What you need to Know

E-Payoffice is Superstream Compliant if you are having your superannuation remitted by us via our Clearing House.

See extract from the ATO website as follows, further information can be found at Superstream.

What is SuperStream?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.

Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.

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.

Employers with 20 or more employees

SuperStream contributions started from 1 July 2014 onwards so you should be well progressed in your implementation. The earlier you begin your implementation, the sooner you will see the benefits and the less chance you will face any compliance issues.

Make sure you contact your service provider to check that your super contribution solution is SuperStream ready.

You must make best efforts to implement by 30 June 2015

Small employers with 19 or fewer employees

The SuperStream standard applies from 1 July 2015. We will provide flexibility for you on your start-up date, provided you do your best to implement after this date and have a firm plan to do so no later than 30 June 2016.

If you are ready earlier, there is no need to wait and you can start at a time that suits you.

Information regarding SMSFs

From 1 July 2014, self-managed superannuation fund (SMSF) trustees are required to receive both electronic messages and payment when employers make contributions using the SuperStream data and payment standard.

If you are an SMSF trustee, you will need to obtain an electronic service address (alias) from an SMSF messaging provider so that you can receive employer contribution messages sent using SuperStream.

The electronic service address (alias) is used to identify where contribution messages for your SMSF are to be sent.

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