Superstream. The new way to pay super in Australia. With new changes recently gone into place, is your business complying?
Do the new Superstream standards affect my business?
There was a transitional period and some businesses were affected earlier than others, but it is now a requirement for all Australian businesses.
What is Superstream?
The government says that Superstream was released to enhance the back office of superannuation, and make processing payments a breeze.
Currently, superannuation providers have different requirements in regards to receiving superannuation contributions. This can be in the form of cheques, an electronic interface, web portal, or a banking system. This creates a lot of work for an employer who has multiple staff members across a range of superannuation funds.
The aim of Superstream is to fix this. By defining a standard format, it removes the various ways that superannuation payments are to be received. One, consistent system for employers to use that allows multiple contributions to be deposited in one transaction, even when they’re going into multiple super funds. In theory, this should be a more streamlined process and eventually reduce time spent processing super processing.
Superannuation not your strong point?
At Carbon, we have an expert team of CA qualified bookkeepers, ready to assist with your bookkeeping needs. If you don’t have an internal bookkeeper, it can be difficult to keep on top of ever-changing regulations that may impact your business. We can help with bookkeeping and payroll services, allowing you to focus your time and effort doing what you do best. Alternatively, why not upgrade your accounting software. Carbon Bookkeeping are Xero platinum partners. We can welcome you to the world of cloud-based bookkeeping. Xero talks to other systems and applications, which also includes ClickSuper as the super clearing house which is Superstream compliant. If you’re interested in finding out how all this works, head over to our payroll services page for more information.