SuperStream is a government reform that aims to improve the efficiency of the superannuation system. Once implemented, it will provide a single channel for all employers to make superannuation contributions electronically to all super funds, in a timely and consistent manner.
By 1 July 2015, all medium and large companies are expected to have migrated to the new system, while small businesses with less than 20 employees have another 12 months to make the switch. If you are required to transition to SuperStream, it’s important to find an experienced payroll provider who can make sure you are fully compliant with the new system. If you already have a payroll software provider, make sure you have a discussion with them to establish how prepared they are for the change. They will need to update their software so that all the necessary SuperStream data fields are active and should help your team get up to speed with education and support.
Another option to consider is a superannuation clearing house service, which can meet SuperStream requirements on your behalf and remove the risk of non-compliance. Features of these services include integration with your payroll software, secure payment processing with a single file and single payment, and up-to-date superannuation fund information.
For more information, visit the SuperStream FAQs page on the ATO website.