Are you SuperStream ready? What does it mean for your business?
June 6, 2016
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
The ATO’s SuperStream standard
All businesses in Australia must be ready for SuperStream by 30 June 2016. That’s the deadline for employers to meet the ATO’s SuperStream standard.
- All regulated superannuation funds must have a new identifier – a unique superannuation identifier (USI) – that replaces the previous SPIN
- Most self-managed super funds (SMSF) must have an electronic service address (ESA)
- Some employee information – such as a valid contact number, email, and gender – become mandatory
How do I get ready?
Employees need to contact their super fund to obtain the correct information. Once we have your employees updated superannuation information, we can update your payroll with it.
**If you require Maximum Business Solutions to apply for USI or ESA on your behalf, please advise us. There is no cost for the USI or ESA, apart from the billable time taken in the administrative process on your behalf.
*** Click here to access the new superannuation choice form that includes the USI. You should keep this on file and give to all new employees in the future.
Auto Super in Xero
When you use Auto Super in Xero, your employees’ superannuation contributions are automatically transferred from your registered bank account to their nominated super funds (both regulated and self-managed).
Auto superannuation is included within Xero’s Premium Plans. If you’re not already on one, it’s easy to change and the cost difference is usually small. That way you can be sure you’re SuperStream compliant.
Managing Superannuation outside of Xero
If you’re using a clearing house or a fund’s online portal to meet your superannuation obligations, you need to check with the clearing house.
Meeting the Compliance deadline
In an effort to be compliant by 30 June 2016 we request that you have all details back to us by 15th June 2016.
