What is SuperStream?
SuperStream is the new way all Australian employers must make super contributions for all employees. SuperStream is a government change that streamlines the superannuation system, with businesses now able send payments and employee information electronically via a single channel, saving time and money.
How do I set up SuperStream?
There are multiple solutions in the market for making contributions with SuperStream. As practice managers commonly pay the superannuation within the GP, dental and specialist industry, you should look for a solution that best suits your specific needs. Options include:
- Using your default fund;
- Upgrading your payroll software, visit www.ato.gov.au/SuperStreamReadySoftware for information;
- Using a service provider such as your bookkeeper or accountant; or
- Using a commercial clearing house. For employers with 19 or fewer employers or those with turnover under $2million a year the ATO’s free Small Business Superannuation Clearing House is an option, visit https://sbsch.gov.au/.
Regardless of the option you select, there are some details you’ll need to enter including:
- The unique super identifier (USI) for each employees’ fund. You can search for USIs at www.superfundlookup.gov.au or ask your employee to provide it. This not required for employees with a self-managed super fund (SMSF).
- An electronic service address (ESA) and bank account details for employees with an SMSF. Those requiring an ESA can see more information at www.ato.gov.au/SMSFMessagingProviders
- Each employee’s tax file number as well as their fund’s ABN, which you’re likely to already have on file.
SuperStream set up will require some initial effort however, once complete, it is simple to use each reporting period. For advice and support, contact your preferred solution provider.
When do I have to be ready?
Using SuperStream is now mandatory with over 350,000 employers nationwide, including 250,000 small employers, already making the switch and experiencing the benefits.
If you have 19 or fewer employers you must be using SuperStream by 30 June 2016 however now is the time to get ready.
Those with 20 or more employees should be SuperStream-ready now.
SuperStream really is making super simple.
For more information
The ATO step-by-step checklist to help employers prepare can be found at www.ato.gov.au/SuperStreamChecklist