What every Small Business needs to know about SuperStream
What is SuperStream?
SuperStream is a government initiative aimed at making the superannuation system more efficient. Under SuperStream, employers need to make super contributions on behalf of their employees by submitting data and payments in a consistent and simplified manner.
SuperStream is mandatory for:
- All employers making super contributions
- APRA-regulated super funds
- Self managed superannuation funds (SMFs) receiving contributions
What are the benefits of SuperStream?
- Employers will have the opportunity to use a single channel when dealing with super funds, regardless of how many funds their employees contribute to
- Employers will spend less time dealing with employee data issues and fund queries
- The processing of contributions and payments will be more automated
- Employers will save time and money in meeting superannuation contributions
To support contributions being made using the SuperStream standard, employers will need to collect some new data that will be included in their payroll file to facilitate electronic processing.
Ensure you have the following information:
- Tax file number
- ABN of super fund, BSB and account number
- Electronic service address
Important Dates for SuperStream
If you have employees, then as from 1 July, 2016 the ATO has made it compulsory for you to lodge your employees’ Superannuation returns and payments electronically using SuperStream. If you are currently processing your employees’ payments manually, this will no longer be an option.
Every business is different so there is no ‘one size fits all’ approach to adopting SuperStream. You can either use payroll software that conforms to SuperStream, use a commercial clearing house, or the free Small Business Superannuation Clearing House (19 or fewer employees).
The new release of Version 10 of Cashflow Manager Gold and Wages Manager programs will be fully compatible with the ATO’s SuperStream requirements. Clients of Cashflow Manager should make sure their CARE support subscription is current, so that when Version 10 is released they will automatically receive an update.
For more information you can visit https://www.ato.gov.au/Super/SuperStream/