What is SuperStream? And How Can I be SuperStream Compliant?
SuperStream is a new law introduced by the ATO so that employees can be notified by their super fund when their super is paid. So all employers will need to pay superannuation contributions electronically (EFT or BPAY), that is Super Stream compliant. The benefit for employers is that with SuperStream you can pay all super contributions in one transaction, even if they’re going to multiple super funds.
To comply with SuperStream requirements, you can choose one of the following options.
1. USE AN ACCOUNTING SYSTEM THAT MEETS THE SUPERSTREAM STANDARD
Xero is the best accounting system for Australian SMEs and payroll in Xero already provides what you need for SuperStream compliance. To Setup Auto Super correctly, make sure,
- All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN.
- Most self-managed super funds (SMSF) must have an electronic service address (ESA).
- Some employee information – such as a valid contact number, email, and gender – become mandatory.
Note: With Superstream, no cheque payments are made to superannuation funds.
Xero Auto Super saves you time, keeps you compliant and is a SuperStream certified product with the ATO.
2. USE A SUPER CLEARING HOUSE
We recommend the free ATO “Small Business Super Clearing House” Clearing house pays super to your employees’ funds for you. You send a single electronic payment to the clearing house, together with the contribution data for all your employees, and the clearing house does the rest.
The other good option is using your superfunds online system, such as Quick Super provided by Australian Super. However, the employer has to have an employer account with the superfund in order to use their system, and you will also need to check with your fund to make sure they are SuperStream Compliant.
If you are an employer or business owner still not sure what to do, please contact One Minute Tax on 038899 7506, we are here to help to make you SuperStream compliant.
P.S. Just got an update from ATO that they extend the due date to 28th October 2016 to become SuperStream compliant.