SuperStream: simplifying employer contributions
There are over 800,000 Australian employers who are required to make super guarantee contributions on behalf of their employees.
For many, this can be a complex process, with multiple funds to contribute to, each with their own specifications for accepting the contributions data and payments.
From 1 July 2014, employers with 20 or more employees will see this simplified when they begin to make contributions using SuperStream. They have up to 12 months to make the change. 1
From 1 July 2015, small employers (with 19 or fewer employees) will start making contributions using SuperStream and will have up to 12 months to make the change. 2
SuperStream improves the productivity of the superannuation system by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.
How SuperStream affects the way you make contributions
Under SuperStream, employers must make super contributions electronically. The contribution data is sent electronically in a message format to the fund, and the contribution payment is sent electronically through the banking system.
The data message and payment are linked by a payment reference number which enables reconciliation by the receiving fund.
Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.