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Super Streaming

Your options may include:

  • upgrading your payroll software
  • using an outsourced payroll or other service provider
  • using a commercial clearing house or, for employers with 19 or fewer employers, using the free Small Business Superannuation Clearing House
  • your default fund. They may also have an electronic channel they manage or can make transitional arrangements for you.
  • You will need to collect and store additional information about funds in order to send them contributions in accordance with the SuperStream standard.
  • This includes the:
  • Unique superannuation identifier (USI) for APRA-regulated funds
  • ABN for self-managed super funds
  • bank account details
  • electronic service address.
  • Talk to your HR or payroll solution provider about how to store and integrate this data within your HR or payroll software.

Exploring the benefits

SuperStream streamlines the process for employers when making contributions. It provides a simpler, consistent method of preparing contributions, and in many cases, a single channel for interacting with multiple funds.

Payment processing costs will be reduced by removing cheques and unnecessary variation in payment methods between funds. Members will also benefit from contributions being processed faster with less data errors.

Ultimately, the introduction of SuperStream will lead to better retirement outcomes for all Australians including:

  • reduced administration costs for members
  • higher life-time savings
  • fewer lost accounts.

Getting ready

A change of this scale takes time. Careful planning and preparation is needed to establish new systems and processes.

Now is the time to prepare, by investigating your options for meeting SuperStream. Speak to your payroll software provider, clearing house, accountant or bookkeeper, or other service providers to help you find the right solution. Your default fund can also help.

Finalise your plan for implementing SuperStream, and set a target date for processing your first employer contributions using SuperStream.

1 Refer to SuperStream Standard Compliance Statement on the ATO's website

2 Refer to SuperStream Standard Compliance Statement on the ATO's website

source ATO Last modified: 09 May 2014

 

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