What is SuperStream?
SuperStream is an Australian Government reform which streamlines the way employers make super contributions.
In the past, employers have been processing employee super contributions to numerous funds in different formats. With SuperStream, there is a common set of mandatory information for super payments, saving employers time and creating consistency across the super system.
Does SuperStream impact my business?
If you have employees that you make super contributions for, you will need to be ready for SuperStream. Small businesses with 19 or fewer employees will need to make super contributions with a SuperStream compliant payment solution from 30 June 2016. Larger employers with 20 or more employees should already be compliant.
What do I need to do?
You will need to make sure that you are paying super contributions in a compliant way. If you’re a business Essential Super customer, you’ll be able to do this by making super contributions through a dedicated Essential Super business page in NetBank.
If you’re unsure if your payment method is SuperStream compliant, it is best to check with your solution provider.
What are the benefits of SuperStream?
The main benefit with SuperStream is that it should save you time. The ATO estimates that by using SuperStream, businesses are reducing super administration time by 70% on average, each contribution cycle.1
With SuperStream, employers can make all their employee super contributions in a single transaction, even if contributions are going to multiple accounts and funds.
How we can help
To find out more about SuperStream, visit our SuperStream webpage.
To find out more about Essential Super for your business, visit the business Essential Super webpage.
If you have questions or you need more information, please call our team on 13 4074, from 8am to 7pm (AEST) Monday to Friday, or email us firstname.lastname@example.org.