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SuperStream Compliance

SuperStream Information for Employers

The SuperStream standard is part of the government’s Super Reform package. It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions, and reduce the number of lost accounts and unclaimed monies.

The Tax Office has information available for employers on their website and we have noted the following links for quick access:

What do you need to do?
The earlier you start, the sooner you’ll realise the benefits of SuperStream. You should aim to implement a SuperStream solution by March 2016 – this means you’ll have a few pay cycles to check everything is working and make changes if you need to.

How do you make SuperStream contributions?
Every business is different and there are several ways you can make the change to SuperStream. You should choose the solution that best suits your business needs.
You can use:

1. Access your options: Ensure you have identified options to enable you to send contributions using SuperStream. Contact your payroll provider, super fund or clearing house about the SuperStream solutions that are available and will best fit your business needs.

2. Collect new information: You will need to collect information that will enable contributions to be sent to super funds using SuperStream, including the:

3. Communicate with your employees: To simplify the collection process, it is suggested that you notify employees with an SMSF of your intended date for implementing SuperStream and request SMSF SuperStream details be returned by the employee within a reasonable time (for example within 28 days).

Find out more If you do not receive the SMSF’s details by the date you have nominated for responding, and provided a reasonable response period has been given, you may ask your employee to complete a standard choice form and return this form to you within 28 days. If this information is not provided, your employee will be deemed as not having provided sufficient details for the choice fund to be accepted and you may redirect their contributions to the default fund of the employer.

4. Refine process: You should aim to finalise your preparations at least 30 days before you are required to start sending contributions using SuperStream. This will allow enough time to test new processes and resolve any issues that may arise.

Need help to make the change? You don’t need to prepare for SuperStream alone – your default super fund, payroll provider, clearing house or we can help.

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