The SuperStream standard is part of the government’s Super Reform package. It provides a consistent, reliable electronic method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions, and reduce the number of lost accounts and unclaimed monies.
The main purpose of SuperStream is to ensure employer contributions are paid in a consistent, timely and efficient manner to a member’s account. The change also removes many of the complexities employers currently face as a result of funds being able to set up different arrangements for accepting contributions (due to the lack of common standard).
The introduction of SuperStream will allow the ATO to monitor superannuation contributions. This automatically reported data flowing to the ATO will lead to additional scrutiny and we believe will increase audit activity.
To ensure you have met all aspects of SuperStream and are ready to start processing payments, contact Oculus to discuss the best solution for your business or SMSF.
How SuperStream affects you
SuperStream is mandatory for all employers making super contributions and starts 1 July 2015. Under SuperStream, employers must send super contributions electronically.
Contribution data will be sent electronically in an approved message format to the fund and the contribution payment will need to be sent electronically through the banking system. Many software providers are upgrading their software to meet these new requirements and employers will have to choose the best method for them to comply with the new rules.
The ATO have a very good summary of employer obligations click here to read the FAQs.
Self Managed Super Funds (SMSF)
SuperStream affects how SMSF interacts with employers. SMSF will have to provide the employer with the fund’s e-commerce details and receive member contributions electronically. Oculus will contact all SMSF clients and organise the paperwork for their e-commerce registrations.
Click here to read the SMSF FAQs.