SuperStream is a new set of measures designed to improve the “behind the scenes” workings of the Superannuation system. This is done by employers sending contributions electronically to their employees’ funds, as well as transmitting this data in a standard format.
As part of this, both Employers and SMSF’s will need to take action to ensure that they are fully compliant with the new system.
For employers, this means that any payroll system that is currently being used must be capable of complying with the SuperStream requirements. This may involve the use of a clearing house in order to allocate the relevant contributions to each Fund. The ATO has developed a free Small Business Superannuation Clearing House, which can be used by any employer with 19 or less employees. For more information surrounding this, please speak to your LBW representative for further information. All employers must SuperStream compliance from 1st July 2015.
For Self Managed Super Fund clients, it is essential that all employers are in possession of the fund’s ABN, bank details and Electronic Service Address (ESA). The ESA is established through our software provider, please feel free to contact either Simon Flowers of Cathy Walley in relation to this, as well as any other queries you may have.
Included below are 2 links which will assist with the process. The first link provides information about the ATO’s Clearing House facility, whilst the second link provides a checklist for all employers to ensure compliance with SuperStream.