Employer super issues
What is SuperStream?
SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format.
It must be used by:
- self-managed super funds
- APRA-regulated funds.
SuperStream transmits money and information consistently across the super system - between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
- employers can make all their contributions in a single transaction, even if they're going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
All businesses should now be SuperStream compliant. Visit the employers tab for more information.
How to get ready
There are a variety of options available for employers to adopt SuperStream. These include:
- upgrading their current payroll software;
- using a clearing house service;
- or their default super fund's portal.
Employers can also check the SuperStream Certified Product Register which identifies the readiness of payroll software and other service providers to meet SuperStream requirements.
Find out more www.ato.gov.au/SuperStream
Last modified: Friday, July 28, 2017