Blog
April 22nd, 2015

SuperStream Quick Guide: What You Need to Get Ready for the Change

With the end of the 12 month period for businesses with 20+ employees to start using SuperStream just around the corner in July, is your organization ready for the change?

We created this post to go over the basics of SuperStream and how you can get ready for the change. (Employers with less than 20 employees have until July 1, 2016 to start officially using SuperStream.)

Piggy bank and Australian paper money

What is SuperStream?

Supersteam is a new data and payment standard to simplify the procedure for processing superannuation payments. The ATO states that the goal of SuperStream 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.”

With SuperStream, employers will now have:

  • Streamlined super contribution process
  • A simpler, more consistent way of making contributions
  • Electronic data and payments in a common format for all funds
  • Lower overall processing costs
  • A simple single channel for sending contributions

How will Super Stream benefit me?

The ATO lists the following potential benefits for employers which include:

  • The opportunity to use a single channel when dealing with super funds, regardless of how many funds your employees contribute to
  • Less time spent dealing with employee data issues and fund queries
  • Greater automation and reduced cost of processing contributions and payments
  • More timely flow of information and money in meeting your superannuation obligations

How will SuperStream affect me?

Whether you’re a small or large organization, the following changes will apply to your organization:

  • All superannuation contributions must be made electronically
  • Employers are required to collect a standard set of information for super funds which means you may be required to collect new kinds of information. You can view the new information required in the table below

To see descriptions of all the required contribution data for SuperStream, click here

What do I need to do to get ready for SuperStream?

You may have to upgrade or change your payroll system so it conforms to SuperStream or, use a service provider such as outsourced payroll bureau to can manage SuperStream compliance for you.

Want more information?

Check out the Employer FAQs and the employer preparation checklist as well as the  glossary of SuperStream terms available on the ATO website.

facebooktwittergoogle_pluslinkedinmail

Leave a comment







Categories
Latest Posts

This year, Microsoft is changing it up with the introduction of Envision, a new conference tailored for business leaders in operations, finance, sales, marketing and IT. Envision will replace Convergence as the go-to conference for business leaders and will provide emphasis on 8 industries: Manufacturing and resources Retail and consumer packaged goods (CPG) Financial services…

Compensation can be challenging and time-consuming to administer. There are so many different ways to calculate a person’s compensation whether it’s fixed, variable, a mix of both, involves pay grids, salary bands, or involves stock options. That’s still before taxes, benefits, deductions, allowances and overtime are applied. There is so much that goes into coming…

Using position management to manage your workforce is not just for organizations with employees working multiple positions, but can be applicable and beneficial to any organization. Position management is a type of relationship between positions, jobs, employees and the organizational structure. A position is seen as an empty chair that inherits and maintains job information…

Products
Blog
April 1st, 2016

This year, Microsoft is changing it up with the introduction of Envision, a new conference tailored for business leaders in operations, finance, sales, marketing and IT. Envision will replace Convergence as the go-to conference for business leaders and will provide emphasis on 8 industries: Manufacturing and resources Retail and consumer packaged goods (CPG) Financial services…

January 14th, 2016

Compensation can be challenging and time-consuming to administer. There are so many different ways to calculate a person’s compensation whether it’s fixed, variable, a mix of both, involves pay grids, salary bands, or involves stock options. That’s still before taxes, benefits, deductions, allowances and overtime are applied. There is so much that goes into coming…

December 3rd, 2015

Using position management to manage your workforce is not just for organizations with employees working multiple positions, but can be applicable and beneficial to any organization. Position management is a type of relationship between positions, jobs, employees and the organizational structure. A position is seen as an empty chair that inherits and maintains job information…