If you have 20 or more employees, SuperStream starts on 1 July 2014 however, the ATO will provide flexibility with your start-up date.
If you have 19 or fewer employees, SuperStream applies from 1 July 2015, with flexibility. If you are a small business however, you can start early.
What is SuperStream?
SuperStream is a new process requiring employers to pay their employees superannuation contributions using the government’s new data standards. This means that all contributions need to be made and recorded electronically – NO MORE CHEQUE WRITING.
Two things to remember
- The payment must be made electronically to the nominated superfund.
- Details of the payment transaction, such as employee name, Tax File Number and Super fund member number are also sent to the super fund.
Benefits of such a system
- Speed up time it takes for super to be credited against members’ super accounts
- Provide notification from funds to members on whether contributions have been received
Better data matching/knowledge of whom money belongs to/reduction in lost money not credited against super funds.
