SuperStream is a standard that requires employers to provide payments and the associated data to super funds in a specific electronic format.
Small employers (19 or fewer employees) must meet the SuperStream standard by 30 June 2016. However, we will provide compliance flexibility to small businesses not yet SuperStream ready, until 28 October 2016. Larger employers should already be using SuperStream.
Potential benefits for you include:
- the opportunity to use a single channel when dealing with super funds, no matter how many funds your employees contribute to
- less time spent dealing with employee data issues and fund queries
- reduced cost of processing contributions and payments
- more timely flow of information and money in meeting your superannuation obligations.
There are a number of options available to help you move to SuperStream. Your fund or service provider (such as a clearing house, payroll software provider, accountant or bookkeeper) can help you find the right one for your business.