What is SuperStream and do I need to do anything?

What is SuperStream?

SuperStream is the method of paying employees superannuation contributions.

It’s all done electronically so that employees receive their contributions accurately and on time.

So what do employers need to be aware of?

There are deadlines in place for employers to be using SuperStream. They need to collect some new information from employees in addition to information already collected.

Employers with 19 or fewer employees need to be ready by 30 June 2016 although the ATO will provide some flexibility to small businesses up to October 2016.

Employers can choose to use either a payroll system, a super fund online system or a super clearing house.

So what do employees need to be aware of?

Employees may be asked by their employees for their super fund’s ABN or USI (Unique Super Identifier – identifies a super fund, all super funds have one) which can be found on their latest super statement or by calling their fund.

Employees should ensure their super payments are received accurately and quickly from their employers regardless of which superannuation fund they have.

Check your super fund has received the contributions consistently.

Is there any difference if I have a SMSF?

A SMSF will have an electronic service address which the employer needs to provide SuperStream data.

You can obtain this from your Accountant, Tax Agent or SMSF Administrator.