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How to make sure your business is SuperStream compliant

How to make sure your business is SuperStream compliant

Here's our guide to help make sure your business is SuperStream compliant for sending superannuation payments and employee information electronically.

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.

Take a look at the Australian Taxation Office (ATO) SuperStream checklist and SuperStream FAQs for more info.

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.

Step 1: Choose one of the following four options that best suits your business

Step 2: If you haven’t set up a default account for any employees on NetBank, you’ll need the following:

All employees

  • 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.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.