SuperStream requires employers to send all superannuation payments and employee information electronically in a standard format. Using it became mandatory from 1 July 2016.
What is SuperStream?
SuperStream is a standard way of electronically processing superannuation information and payments in real time. Under SuperStream, businesses can make all their superannuation contributions in a single transaction which means contributions can be processed faster.
How to set up SuperStream
You can select how your business becomes SuperStream ready. Options include using a payroll system that meets the standard, a super fund’s online system, a messaging portal or a super clearing house like the ATO’s Small Business Super Clearing House (SBSCH).
The SBSCH is a free, optional service for small business with 19 or fewer employees, as well as businesses with an annual aggregated turnover of $2m or less.
Setting up SuperStream is a one-time process that your accountant, adviser or bookkeeper can help with.
If the only contributions you make are personal contributions for yourself, or contributions to a related self-managed super fund (SMSF), you don't need to use SuperStream because these are exempt contributions.
- A SuperStream compliant payroll provider
- A super clearing house (such as Essential Super in NetBank or the ATO’s own free service)
- A message only service portal
Step 2: If you haven’t set up a default account for any employees on NetBank, you’ll need the following:
- Employee tax file number (TFN)
Choice Fund only
- Fund ABN
- Fund unique superannuation identifier (USI)
If your employees have a self-managed super fund (SMSF), they will need to give you slightly different information:
- Employee TFN
- Fund ABN
- Fund bank account details
- Fund electronic service address.
Then you simply enter this new information into the system, along with the other details you use to pay super, and you're ready to be compliant with SuperStream.
Are you still paying by direct credit, cheque or BPAY®?
Since 30 June 2016, BPay, EFT (Direct credit) and cheque are not compliant payment methods for any employers making superannuation guarantee (SG) contributions. All businesses must pay their employees’ superannuation guarantee via SuperStream compliant channels.
NetBank is a compliant clearing channel. However, employee super payments must be through the Essential Super employer arrangement, and not through Transfers & BPay in NetBank as this is not compliant.