Superstream is a government initiative to streamline superannuation data process and payments electronically. All employers, self-managed super funds and ARPA regulate super funds must adhere to this requirement.
This initiative will save employers and super fund managers up to 70% reduction in time spent when it comes to managing super.
What do you need to be Superstream ready?
- Employee’s TFN – tax file number
- USIs – fund’s unique super identifiers
You will also need to choose a method to transfer payments. A few options are available for you to choose from;
- Upgrade and run through your current payroll software
- Use your super fund’s online system
- Using a messaging portal
- Using a clearing house (like the ATOs free Small business superannuation clearing house).
Did you know?
A software like Xero can make meeting your Superstream obligations a breeze. Through Xero, you can process and pay all your super obligation with their auto super function. If you are not quite sure on how this function works, contact your bookkeeper or accountant. Evolve can assist you with this.
The ATO has a step-by-step guide for each employer which you can check out here.
Not yet Superstream ready? Call us today and we’ll walk you through the process or do it for you to ensure your business is compliant ahead of the deadline. You can call us on (07) 5413 9393.