SuperStream is a standard for processing superannuation data and payments electronically. It must be used by:
SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
This means:
- employers can make all their contributions in a single transaction, even if they're going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
This is a mandatory change from 1st July 2016 for all employers who pay staff members over $450 per month.
Please feel free to speak with one of our superannuation specialist accountants for any queries you might have. Ask the question today, avoid the penalty tomorrow.