Recent government changes to implement stronger super reforms now means all businesses need to adapt the way superannuation contributions are made.
In order to harmonize the system, all superannuation contributions will be sent electronically in a standardised format allowing employers to:
- use a single channel for making contributions to multiple funds
- spend less time dealing with employee data issues and fund queries
- process information and payments more efficiently
Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016, whilst larger employers should already be using or attempting to be compliant with SuperStream.
If you are only making personal contributions for yourself or to a related self-managed super fund you are exempt from SuperStream.
In order to be SuperStream compliant the following steps should be taken:
Step 1: Choose an option
In order to use SuperStream, all superannuation contribution payments and data need to be processed electronically. Below are 3 options employers may use:
Step 2: Collect information and update your records
The following information is required in order to set up SuperStream:
- Employer details
- Employees name
- Fund unique superannuation identifier (USI)
Please contact our office for more specific information.
For employees that have a self-managed super fund instead of a USI they will need to provide you with the fund bank accounts details and fund electronic service address.
Once the above steps have been implemented you should start using SuperStream as soon as possible to ensure that systems and processes are running smoothly before the 30 June 2016 deadline.
If you have an queries regarding this matter please contact our office.