Information about SuperStream
What is SuperStream?
SuperStream is an Australian government reform aimed at improving the efficiency of the superannuation system.
Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner.
When do employers have to start using SuperStream?
Originally, from 1 July 2014 medium to large employers (20 or more employees) were required to utilise a compliant SuperStream solution and from 1 July 2015 remaining or small employers (19 or fewer employees) were to comply.
After consultation with many parties the government have altered their original approach and a trial period will now commence from 1 July 2014 for a selected group of invited employers, software vendors, clearing services and superannuation funds. This will allow for systems and processes to be tested and proved before opening up to a greater audience. The trial period is due for completion by 3 November 2014 where at this point large to medium employers will then have the opportunity to start utilising a SuperStream service.
It is important to note that due to the changes above:
- Large to medium employers have now until 30 June 2015 to be SuperStream compliant; and
- Small employers now have until 30 June 2016 to be SuperStream compliant.
Note: These dates may differ to the original dates that are still on the ATO website.
What are your options for meeting SuperStream?
As every business is different, there is no "one size fits all" approach to adopting SuperStream.
Employers have options for meeting SuperStream - either using software that conforms to SuperStream; or using a service provider who can meet SuperStream requirements on your behalf. We recommend you start investigating your options now.
Your options may include:
- Upgrading your payroll software
- Using an outsourced payroll function or other service provider
- Using a commercial clearing house or the free Small Business Superannuation Clearing House (19 or fewer employees)
Your default fund may also have its own electronic channel that can be used during the transitional period up to 30 June 2016. This fund can provide you with details about how to comply with the SuperStream using their preferred facilities.
What are MYOB software requirements?
The ATO have identified that in some circumstances, employers may need to provide additional data in the current output files of their software being sent to clearing service providers. These additions are designed to correct data quality issues in the current system which often leads to lost superannuation accounts, returned contributions and delayed processing.
These changes may include the unique superannuation identifier (USI), the ABN, bank account details and electronic service address or employee tax file number (TFN).
MYOB will be working over the coming months to ensure that the required output files and reports applicable to SuperStream are included in our software by the due dates set by the ATO.
For further information regarding please visit the ATO website.