Small Business: it’s time to get ready for SuperStream

get-ready-for-super-stream

Superannuation administration for employers is thoroughly overhauled and ready to go. SuperStream is a Federal Government initiative to simplify and standardise superannuation data standards. Already all medium to large Australian businesses are adhering to the new superannuation data standards. These came into effect on 1 July 2014. Now the SuperStream roll-out continues to include small businesses.

From 1 July 2015, all employers with 19 or less employees must adopt the new data standards too. There is no better time to put SuperStream under the microscope.

Does SuperStream apply to my business?
SuperStream is compulsory for all Australian businesses that make super contributions.

What does SuperStream mean?
Essentially SuperStream means that employers must submit super contribution files and super payment transfers electronically. The impetus behind SuperStream is to deliver an easier system for employers to use. SuperStream also aims to:

  • Deliver greater automation and efficiency in super transaction processing
  • Vastly reduce lost accounts
  • Achieve a more timely flow of funds into member accounts

What exactly is the new Data and Payment Standard?
Under the new standardised SuperStream standards you as an employer must:

  • Send all contribution data electronically in a standard message format
  • Make contribution payments electronically
  • Use a unique payment reference number to link data and funds
  • Send data and payments on the same day
  • Ensure fund enquiries and incomplete information are addressed within 10 days

There is no single way to get SuperStream ready. Your best solution will depend on your individual business, so it’s important to get fully worded up on your SuperStream obligations. Highview is here to help; you don’t need to tackle this alone. Speak to us sooner rather than later and tick the SuperStream compliance box!

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