Small employers (19 or fewer employees) must meet the Superstream standard by 30th June 2016.
If the only contributions you make are personal contributions for yourself or contributions to a related self-managed super fund (SMSF), you don’t need to use Superstream.
Choose an Option
To use SuperStream, you need to pay super and send employee information electronically. If you’re already doing this, you may only need to refine your system to send the contribution data in the standard format. You can use either:
- A Payroll system that meets the Super Stream Standard ie: Xero or MYOB are some examples. OR
- Your super fund’s online system. Large super funds have online payment services you can use. Check with your fund. OR
- Super 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. - If you have 19 or fewer employees, or a turnover of less than $2 million a year, you can use the ATO free Small Business Superannuation Clearing House
- You can also choose from several commercial options, or your super fund may have a clearing house you can use. Talk to your fund to see what they offer. OR
- 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
- Messaging Portal
A messaging portal can convert contribution data for your employees to a SuperStream compliant format and send it to the relevant funds for you. You still need to make one
electronic payment. Talk to your messaging portal provider and financial institution.
Collect Information and Update your records
To use SuperStream you’ll need to ensure you have the following information from your employees, in addition to the information you already use to pay super.
- Employee tax File Number
- Super Fund ABN
- Super Fund USI (from their Super statement or calling the Super Fund)
Once you have this information, enter it into your system, along with the other details you use to pay super, and you’re ready to use SuperStream.
New employees who choose their super fund will fill out a standard choice form, which will have all the information you need..
If your employees have a self-managed super fund (SMSF), they need to give you slightly different information:
- Employee tax File Number
- Super Fund ABN
- Super Fund bank account details
- Fund Electronic Service Address
Use Super Stream
Start using SuperStream as soon as possible. Employers with 19 or fewer employees should be SuperStream ready by 30 June 2016 (larger employers should already be using SuperStream).
If you’re using a clearing house, check how long they will take to send the money and information to the super fund. Generally an employee’s super contribution is counted as being paid on the date the fund receives it, not the date a clearing house receives it from you.
It’s still up to you to meet your super guarantee obligations by the due dates.
Need advice? Talk to us! Call 3245 1466 or email [email protected] – we’re here to help!
