What is SuperStream?

SuperStream refers to a range of measures introduced by the Federal Government to help make the back office function of super funds more efficient. In particular, SuperStream aims to:

•          Ensure timely electronic processing of transactions;
•          Remove the incidence of lost and duplicate super accounts;
•          Create timely allocation of contributions to member accounts;
•          Improve efficiency for both employers and super funds.

What does SuperStream mean for employers?

A key element of SuperStream that will affect employers' is the requirement to comply with the new data and payment standard. The standard requires employers to:

• Send all contribution data in a standard message format;
• Make all contribution payments electronically. That means no more payments by cheque;
• Ensure that data and payments are sent on the same day.

When does SuperStream come into effect?

Employers with 20 or more employees must use the new standard for sending contributions to super funds from 1 July 2014.

Employers with less than 20 employees must use the new standard for sending contributions to super funds from 1 July 2015.

What should employers do to prepare for SuperStream?

SuperStream is another prime example of the importance of ensuring that your accounting software is kept up to date.

At Vantage Partners we work closely with all leading accounting software providers, including MYOB, Xero, and QuickBooks and can assist you in ensuring that your accounting software is compliant with SuperStream.