SuperStream

Superstream for small business – what is it?

Superstream - no more lost Super Contributions.

Superstream – no more lost Super Contributions.

Superstream is a new data format standard for processing superannuation transactions. Whilst large employers would have been compliant from October 2015, for small employers (i.e. 19 employees or less) the deadline for compliance is 30 June 2016.

Below is a summary of what needs to be done. It’s wise to make sure you’re ready before 30 June. Contact us if you would like to discuss.

What do you need to do to be Superstream compliant?

As an Employer

As advised by the ATO, your first step is to check that your payroll software is compliant. Many software vendors are sending out information advising that they are.

You can always chose to update information directly to Superfunds but the use of clearing houses is becoming more and more popular. If you are a small employer, defined as 19 or less employees and turnover less than $2million, then you might want to use the free Small Business Superannuation Clearing House.

What you need from existing Employees to contribute into a Fund
New employees will come with this information, but you need to make sure you can have the employees:
  • Tax File Number
  • Fund ABN
  • Unique Super Identifier* (USI)

Note: The USI should appear on the last statement received by the employee.

Contributions into an SMSF
Similar to the public superannuation funds, employees contributing to SMSFs require the following:
  • Tax File Number
  • Fund ABN
  • SMSF’s Bank Account
  • Electronic Service Address* (ESA)

Note: More information on obtianing an ESA can be found on the ATO website.

Exemptions
As per the ATO website
You don’t need to use SuperStream for:

  • contributions to your own self-managed super fund (SMSF) (ie if you’re a related-party employer – for example, if you’re an employee of your family business and your super guarantee contributions go to your SMSF)
  • personal contributions – for example, if you’re a sole trader and you contribute to a super fund for yourself.

For these types of contributions you can continue using your previous processes.ATO

Posted in ATO, Compliance, Planning, Taxation, Uncategorized
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