SuperStream is a new way to help businesses in managing employees and their superannuation funds. It allows businesses to send superannuation data and contributions electronically in an easier, faster and hassle-free manner.
Businesses with less than 19 employees were required to have taken on SuperStream by 30 June 2016, however no compliance action will be taken against small businesses until 28 October 2016. Businesses with more than 20 employees should have already implemented this program by 31 October 2015. If you have not done so yet, get on board with SuperStream as soon as possible!
This will help businesses avoid having to log into multiple fund websites, or completing complicated forms and issuing cheques to make superannuation contributions. All payments can be made with a simple electronic transfer via EFT or BPAY.
SuperStream works for all employee superannuation fund accounts, including self-managed super funds (SMSF). It allows you to pay multiple accounts through one channel making your life easier.
For a step-by-step guide on how to get SuperStream ready check out the ATO website.
For more information about SuperStream and what you need to do to get ready for it, listen to the podcasts from the ATO.