The deadline for compulsory use of SuperStream is looming, so employers need to ensure they are ready. If you have 19 or fewer employees, you need to be using SuperStream by 30 June 2016. All other employers should already be using the SuperStream standard.
SuperStream is the data standard you need to use to electronically pay (via EFT or BPAY) super contributions for your employees. The standard format has been utilised so that information is transmitted consistently across the super system between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number, which means:
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
For more information, check out this checklist on the Australian Taxation Office website.
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