SuperStream is a major government reform aimed at improving the efficieny of the ‘back office’ for Superannuation.

SuperStream aims to:

• ensure timely electronic processing of transactions
• improve efficiency for both employers and superfunds
• remove the incidence of lost and duplicate accounts
• create timely allocation of money to members accounts

It requires contributions to be made electronically with linked data and payments. Meaning no more BPay, cheques or paper remittances. Instead there is a simple, consistent electronic format for sending payments and contributions information. All linked by a unique payment reference number.

All employers are required to comply with the new standard however, the date by which you must comply depends on the size of your business.

Worth noting is SuperStream is available from 1 July 2014. You do not have to wait for statutory dates however, if you choose to you:

• Medium to large employers (who have 20 or more employee’s) must complete their SuperStream implementation by no later than 30 June 2015
• Small employers (those with 19 or fewer employees) have another year before they must commence using SuperStream. But they must complete their implementation by no later than 30 June 2016

As employers you will need to collect and store additional information about funds in order to send contributions

• Unique Super Identifier (USI) for APRA regulated super funds
• ABN for SMSF
• Bank Account details
• Electronic Service Address (there are providers who will issue this number)

From 1 July 2014 the ATO has developed a free web service – Fund Validation Service (FVS) that will allow an employer to look up or validate e-commerce details of all APRA Superfunds.

Should you wish to discuss SuperStream further, please feel free to contact our office