SuperStream is a government reform aimed at improving the efficiency of the superannuation system.
Under SuperStream, employers must report super contributions on behalf of their employees by submitting data and payment details electronically in accordance with the SuperStream standard. All superannuation funds must receive contribution details electronically in accordance with this standard.
The new rules apply to employers that have 20 or more employees from 1 July, 2014.
Employers that have less than 20 employees have until 1 July, 2015 to comply with the new regulations.
It is the employers’ responsibility to collect the required information and ensure that their payroll software can cater for SuperStream.
Employers will have to:
- Make contributions electronically to employees’ nominated super funds, and
- Provide details of the payment transaction, e.g. employee name, TFN and super fund member number electronically to the relevant super fund via an electronic service address
Super funds will need to provide the below information to the employer:
- Bank account details where the contributions should be paid to, and
- Electronic service address (ESA)
- Bank account details where the contributions should be paid to
Please contact the team at McAdam Siemon if you would like further information regarding Superstream.