From 1 July 2016 all Australian businesses that pay Superannuation Guarantee on behalf of their employees must adhere to the new Superstream rules.

What is SuperStream?

SuperStream data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.

Essentially, this allows the government to track all superannuation payments made to employees by data matching amounts paid to all 'clearing houses'.

This means:

• employers can make all their contributions in a single transaction, even if they're going to multiple super funds for different employees
• superannuation rollovers should be able to be undertaken with fewer errors
• people can be more reliably linked to their super, reducing lost accounts and unclaimed monies 
• businesses that are not making the superannuation guarantee payment on time will be identified more and fined in the form of superannuation guarantee charge and disallowing the late payments made to employees funds as income tax deductions for businesses

Need to get SuperStream ready?

If you looking to smoothly transition across to the SuperStream platform, whether that be by utilising your accounting software (Xero/MYOB) tools or using a third party SuperStream facility, contact your GMD Accounting team member and we can walk you through the steps to ensuring SuperStream compliance.