How to become SuperStream compliant-the easy way.
- Carmen Hamilton
- Oct 3, 2016
- 1 min read
What is SuperStream?
SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format.
It must be used by:
employers
self-managed super funds
APRA-regulated funds
SuperStream transmits money and information 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.
This means:
employers can make all their contributions in a single transaction, even if they're going to multiple super funds
contributions and rollovers can be processed faster, more efficiently and with fewer errors
people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
Source: https://www.ato.gov.au/Super/SuperStream/
How do I become SuperStream compliant?
This is the easy part - we only support platforms that are SuperStream compliant. Some also have built-in functions to lodge the data and pay electronically all in the same module!
Contact us today to find out how you can gain benefits by upgrading your system.
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