SuperStream is coming..are you ready?

SuperStream for Employers   

SuperStream is a new process requiring employers to pay their employees’ superannuation contributions using the government’s new data standards.

From 1 July 2015, employers with 20 or more employees will be required to comply with the following:

  1. The payment must be made electronically to the nominated superfund; and
  2. Details of the payment transaction, such as the employee’s name, Tax File Number and superannuation fund member number are also sent to the superfund.

Employers with 19 or less employees have until 1 July 2016 to comply.

This initiative is intended to:

  • reduce the time it takes for superannuation contributions to be credited against the member’s superannuation account (from weeks to just days);
  • provide better information about the amount and timing of superannuation payments to employees; and
  • provide notification from funds to members on whether contributions have or have not been received.  

  

Preparing for SuperStream   

To comply with SuperStream employers will need to:

  1. ensure their payroll system conforms to SuperStream;
  2. collect some new data to include in their employees’ payroll file to facilitate electronic processing, including:
    1. for APRA-regulated funds:
      1. the unique superannuation identifier (USI) (this will apply for the majority of your employees);
    2. for self-managed superannuation funds (SMSFs):
      1. the fund’s Australian Business Number (ABN) and
      2. the fund’s electronic service address (ESA).

 

If you are unsure whether your payroll software conforms, or if you have any other questions regarding the new SuperStream requirements, please contact your Walker Wayland NSW advisor.