SuperSteam: Simple Super!
Jul 29, 2014
Meeting your superannuation requirements can be an onerous task each month with multiple funds to contribute to, each with their own specifications for acting the contributions data and payments.
From 1 July 2014, employers with 20 or more employees will see this simplified when they begin to make contributions using SuperStream. They have up to 12 months to make the change.
From 1 July 2015, small employers (with 19 or fewer employees) will start making contributions using SuperStream and will have up to 12 months to make the change.
SuperStream improves the productivity of the superannuation system by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.
How SuperStream affects the way you make contributions
Under SuperStream, employers must make super contributions electronically. The contribution data is sent electronically in a message format to the fund, and the contribution payment is sent electronically through the banking system.
The data message and payment are linked by a payment reference number which enables reconciliation by the receiving fund.
Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.
What you need to do
Employers have options for meeting SuperStream – either using a:
- software solution that conforms to SuperStream
- service provider who can arrange SuperStream compliance on your behalf.
Your options may include:
- upgrading your payroll software
- using an outsourced payroll or other service provider
- using a commercial clearing house or, for employers with 19 or fewer employers, using the free Small Business Superannuation Clearing House
- your default fund. They may also have an electronic channel they manage or can make transitional arrangements for you.
You will need to collect and store additional information about funds in order to send them contributions in accordance with the SuperStream standard.
This includes the:
- Unique superannuation identifier (USI) for APRA-regulated funds
- ABN for self-managed super funds
- bank account details
- electronic service address.
Talk to us about the best option for your organisation and how we can help you implement SuperStream into your business. Our services also include outsourced super for your small or medium business.
Tropical Business Solutions
Director at Tropical Business Solutions.