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How to make sure your business is SuperStream compliant

How to make sure your business is SuperStream compliant

Is your business using SuperStream? Use our how-to guide to help make sure your business is SuperStream compliant and avoid any penalties.

The message from the Australian Taxation Office (ATO) is loud and clear. Businesses with 19 or fewer employees (full time/part-time or casual) have until 28 October 2016 to be compliant with making employee contributions via a SuperStream compliant payment channel. If they’re not, they run the risk of being non-compliant and penalties could apply.

The ATO’s Assistant Commissioner, Nicole Dykstra, warned small businesses who are currently paying super but haven’t adopted SuperStream that they can’t ignore the 30 June 2016 compliance deadline any longer.

“The ATO provided a four-month period of compliance flexibility for small businesses that were unable to meet the original deadline, however we will not be granting any further extensions for businesses who have not implemented SuperStream.”

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 ATO’s SuperStream checklist and SuperStream FAQs for more info.

How to set up SuperStream

Setting up SuperStream is a one-time, two-step process and is something 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.

1 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.