Get Super Stream Ready

Wednesday, 25 March 2015    Superannuation

Super Stream is a Government reform aimed at improving the efficiency of the superannuation system. New data standards which are part of the Super Stream reform require superannuation funds to accept employer contributions and other information from employers electronically. These new data standards apply to ALL superannuation funds including SMSF's.

When do I start using Super Stream?

20 or more employees : If you have 20 or more employees, Super Stream started from 1 July 2014. From that date, employers need to start implementing Super Stream and have until 30 June 2015 to meet the requirements when sending superannuation contributions on behalf of employees.

19 or Fewer Employees: If you have 19 or fewer employees, Super Stream starts from 1 July 2015. You have until 30 June 2016 to meet the requirements when sending superannuation contributions on behalf of employees.

What are my options for meeting Super Stream ?

Every business is different, so there is no "one size fits all" approach to adopting Super Stream. Employers have options for meeting Super Stream - either using Software that conforms to Super Stream, or using a service provider who can meet Super Stream on your behalf. If using a clearing house, timing of payments is very important - you will need to pay the superannuation to the clearing house at least a week before the due date.

Super Stream for SMSF's

If you have an employee who is a member of a SMSF, they must provide you with details about their fund which enables you to deal with them electronically. This information includes the ABN of the SMSF, their bank account details and an electronic service address. Typically this information should be updated into your payroll records. You will only need to do this once. As new employees join your business, they will provide this information as a matter of course when they complete a choice of fund form.

To simplify this process of your first time through, it is suggested that you notify employees of your intended date of implementing Super Stream and request this information be forwarded by the employee within a reasonable time frame.

How do I get an Electronic Service Address ?

You can arrange an Electronic Service Address through Australia Post ($25) or other Service Providers and notify your Employer of the address.

If you would like Butlers to handle the whole process for you, click here