SuperStream set to revolutionise super transactions

Processing everyday superannuation transactions will become easier for employers next year, thanks to SuperStream.

SuperStream is a Federal Government reform aimed at providing a safe, secure and more reliable way of processing everyday transactions, such as employee data and payments to super funds via an electronic payment and standardised data system.

Under SuperStream, employers will be able to use one central hub for dealing with super funds – irrespective of how many super funds employees contribute to.

The streamlined service will mean less time spent dealing with employee data and fund queries, reduced cost of processing contributions and payments through greater automation; and more timely flow of information and money in meeting super obligations.

SuperStream is compulsory, but don’t panic. Businesses with 20 or more employees have 12 months from July 1, 2014 to comply with the changes.

Businesses with 19 or less employees have 12 months from July 1, 2015 to comply.

Obligations

Employers would have already been contacted by the Australian Taxation Office (ATO) with information on their SuperStream obligations.

However, if more detail is required, check out Getting Ready For SuperStream Guide and SuperStream Employer Step by StepChecklist.

Assistance

First Super will provide employers a fully compliant SuperStream offering in the first quarter of 2015, well before the ATO deadline.

As part of the process, the First Super Online system is being upgraded to ensure it is reliable and much faster.

First Super employers will also have access to First Super’s clearance house, which will remove much of the complexity of many of the SuperStream changes.