SuperStream - are you ready?
What is SuperStream?
SuperStream is a standard, introduced by the Taxation Office, for processing superannuation data and payments electronically. The ATO has introduced SuperStream to provide consistency across the entire superannuation system with regards to how superannuation data is transmitted between employers, superannuation funds and the Taxation Office.
What do employers need to do?
Employers with 19 or fewer employees must meet the SuperStream standard by 30 June 2016.
The superannuation contributions need to be paid electronically by the use of either:
- SuperStream compliant software, such as MYOB, Xero, etc; or
- A service provider such as Small Business Superannuation Clearing House.
Benefits of using SuperStream
Previously employers would have had to process employee super contributions to numerous funds. With SuperStream, the data is sent electronically and in a single channel. This makes contributions to multiple funds much more efficient and easy.
We are here to help, if you’re not sure if your business is SuperStream compliant, contact our office for assistance.