Preparing for SuperStream (source: Australian Taxation Office, extract)

SuperStream aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions.

It requires an employer to send contributions electronically in a standard format with linked data and payments.

Benefits

SuperStream is a major change which brings significant benefits for employers and their employees. It will simplify the super contribution experience for employers by reducing cost and effort while eliminating unnecessary variation in how contributions are made.

For employees, it will mean better protection of their retirement savings.

Start dates

Employers with 20 or more employees

SuperStream contributions start from 1 July 2014 onwards so you should start preparing now. The earlier you begin your implementation, the sooner you will see the benefits and the less chance you will face any compliance issues.

Make sure you contact your service provider to check their start dates and work out the best time to begin.

We will provide flexibility for you on your start date, provided you are doing your best to implement and have a firm plan to do so no later than 30 June 2015.

Small employers with 19 or fewer employees

The SuperStream standard applies from 1 July 2015. We will provide flexibility for you on your start-up date, provided you do your best to implement after this date and have a firm plan to do so no later than 30 June 2016.

If you are ready earlier, there is no need to wait and you can start at a time that suits you.

For more information about how to prepare for SuperStream or how you will be affected click here