SuperStream is part of an Australian Government reform that aims to streamline the superannuation system. Under SuperStream, employers must make super contributions on behalf of employees by electronically submitting super payments and associated information for all superannuation funds, including Self-Managed Super Funds (SMSF).

Will it affect you?

You will need to use SuperStream from 1 July 2015 if you employ 20 or more employees. If you employ less than 20 people, SuperStream will apply from 1 July 2016.

If you are already making superannuation payments to industry funds using EFT or BPAY, then no changes are required as they are already compliant with the new standards. We recommend you check with your employees’ super funds to see whether they are SuperStream compliant.

What about SMSFs?

From 1 July 2015, if you have more than 20 employees you will need to receive an Electronic Service Address (ESA) from every SMSF that you make employer contributions to. This is not an email address.

How can Sullivan Dewing help?

Our SMSF software will make complying with the SuperStream data standards quick and easy. We will be in touch soon with further information for SMSF clients, to ensure employers are making contributions that are compliant with the changes.

Find out more about the ATO’s SuperStream changes.