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With only 90 days until the deadline for the new SuperStream legislation comes into effect businesses need to be ready to avoid possible penalties. This article explains SuperStream in detail and what you need to do to be compliant.
Will you be SuperStream ready by 1 July?
Will you be SuperStream ready July 1?
March 20, 2015 - by Sian Hawke
SuperStream legislation has caused a buzz in the
superannuation industry, the ATO and employing
businesses. While SuperStream has taken
up a lot of time for many over the past 12-18
months, there are those who are still unaware
and unsure of how SuperStream will impact
the superannuation process and the industry.
Businesses need to get on top of SuperStream
requirements as there are only about 90 days left
to be compliant.
As an employer, how many times have you sat
down to make superannuation payments and
lately thought to yourself: “What is SuperStream
and what does it involve? Where do I begin? It all
In this blog I will share with you why SuperStream
is important, how it will help you and what steps
you need to take to make sure your business is
ready. I’ve also listed three fundamental steps to
be SuperStream ready on time.
A consistent, secure and easy standard to follow
SuperStream is a product of several years
of discussions between the Superannuation
industry and the ATO on improvements to the
current superannuation payment process - a
better, streamlined process. One that simplifies
the way employers make the payments; the
way super funds allocate the contributions and
subsequently makes it easier for employees
to grasp. A standard that further enables a
reduction in administration fees for the super
funds, resulting in more money in the employee’s
superannuation account. SuperStream was
introduced – a standard that would benefit all
parties. SuperStream is a consistent standard
that employers must follow when making
superannuation contributions. It requires all data
and payments to be sent electronically and in a
standard format. But the big question for many is:
“How do I do that?”
Employers have choices
Depending on your business and how you wish
to operate going forward under SuperStream,
you have options to choose from. It is up to each
business to decide the best option to suit them.
You can turn to your payroll provider, your default
superannuation fund, a clearing house - all whom
may be able to assist you. You may have in-house
expertise. Whichever solution you choose, you will
benefit from SuperStream efficiencies.
How to be SuperStream ready on time
With the looming deadline of 30 June, employers
only have a little over 90 days left to transition to
SuperStream. The ATO website contains a list of
actions, data standards and suggested timings
on how to be SuperStream ready on time. It’s
important to note that employers are legally
liable to comply with SuperStream despite having
an outsourced payroll function. At this stage,
employers should have begun implementation
or, at the very least, partnered with a solution.
Finding the best solution will require you to
assess your options and choose the one that
suits your business’ needs. Below are three of the
fundamental aspects of the transition process:
1. Update payroll records – new information
must be collected and updated on your payroll
records such as a fund’s ABN and bank account;
SMSF’s electronic service address (ESA); a
unique superannuation identifier (USI) as well as
2. Review your payroll system – your payroll
system may need to be reviewed to ensure your
3. Connect to a provider who can advise you
or enable the transfer of data and funds in the
prescribed format. Testing may or may not be
required, depending on your solution.
How do I benefit from SuperStream?
Firstly, as all contributions will be in one format,
this will speed up the transfer or potentially
automate the contribution allocation process.
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"It’s important to note that
employers are legally liable to
comply with SuperStream despite
having an outsourced payroll
Will you be SuperStream ready by 1 July?
Would you like more information?
For further information relating to our products, please contact our team on:
Phone: 1800 000 729 Fax: 1800 880 729 Email: email@example.com
Secondly, employees receive their allocated
amounts in their accounts quicker – resulting in
more investment, more return and more money in
their superannuation accounts.
Thirdly, it addresses the issue of tracking and
those returned payments. If a contribution is
made but cannot be allocated due to various
reasons - accounts being closed, invalid data
provided, incorrect TFNs or member numbers
- the contributions can be returned sooner
than before. No doubt you have at some point
experienced the dreaded returned payment
months after you attempted to make the super
contribution. Yet despite all your best intentions
to make the super guarantee contribution (SGC),
it is now too late. It had been returned and you
haven’t been able to make the payment to the
correct fund in the required time. Rest assured
SuperStream will reduce this type of pain and
frustration. The standard process will address
these issues resulting in a timely allocation and
return of super contributions.
Make the switch without delay
So if you haven’t as yet taken the time to start
exploring your options under SuperStream and
choosing the best solution for your business, you
need to start today – yes literally. Make yourself a
coffee, think about the challenges you currently
face, re-read this article and understand the
positive changes SuperStream will bring to you
and your business. The sooner you start, the
sooner you will experience the benefits. As of 1
July SuperStream will be the standard that will
ease the administrative burden of your current
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