From 30 June 2016, all employers must process their employee’s superannuation contributions using the new SuperStream. Smaller employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. Larger employers should have been using SuperStream since 31 October 2015.
Additional Information Required
You will require the following information from each employee in order to set up SuperStream:
- Employee Tax File Number (TFN)
- Super Fund ABN
- Super Fund Unique Superannuation Identifier (USI)
Benefits
SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number. The benefits of this are as follows:
- Employers can make all their contributions in a single transaction, even if they are going to multiple super funds.
- Contributions and rollovers can be processed faster, more efficiently and with few errors.
- People can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
ATO Small Business Clearing House (free)
To be eligible for the ATO Small Business Clearing House you must have 19 or fewer employees or an aggregated turnover less than $2 million dollars. If you are not currently using a software package (or are using an older version and do not want to upgrade) you can register under the ATO Small Business Clearing House. A 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. To register your business for the clearing house, click here.
Software Options
MYOB v 19.11 – to sign up for the MYOB’s super portal and other related links, click here. To make super payments, Click here.
MYOB c 2016.1 – Click here.
Exemptions
Your Self Managed Super Fund (SMSF) does not need to use SuperStream if it does not receive any unrelated employer contributions and only receives employer contributions from a related-party employer. For example, if you are an employee of your family business and your super guarantee contributions go to your SMSF, these contributions are exempt from the SuperStream Standard. SuperStream does not apply to personal contributions made by members and rollovers to or from an SMSF.
SMSF Receiving Contributions from an Unrelated Employer
If your SMSF received contributions from an unrelated employer, it needs an Electronic Service Address (ESA). The ATO have released a list of SMSF messaging providers who can provide your SMSF with an ESA.
For further information on SuperStream, please click here.