Good to Great: How to Scale With an Outsourced CFO

What is Super Stream?

SuperStream is a government initiative designed to improve the efficiency in paying superannuation contributions by employers on behalf of their employees. This initiative ensures all employers are sending the correct super contributions at the right time.

What does it mean for my business?

SuperStream requires the processing of superannuation data and payments in an electronic way. Paper remittances and cheques will no longer be accepted.

SuperStream allows employers to make all their contributions in one transaction, regardless of how many superfunds they’re going to. It allows contributions and rollovers to be processed faster, in a more efficient way with fewer errors. SuperStream will also allow you to be more reliably linked to your super, reducing lost accounts and unclaimed monies.

If you are an employer with 19 or less employees:

• SuperStream must be implemented by 1 July 2016,
• You can use the ATO’s Small Business Superannuation Clearing House (SBSCH) to pay all employee super contributions at one time, to one location.

If you are an employer with over 20 employees:

• You should have implemented SuperStream by 1 July 2015.

What do I need to do?

If you are already sending employee information electronically, you may only need to refine your system.

1. Choose an option

You can use:

• Use a payroll system that meets the SuperStream standards such as Xero (Premium Versions) or MYOB (with Pay Super or Super Portal functionality);
• Use a super clearing house which will pay super to your employees' funds for you - You can send a single electronic payment to the clearing house, together with the contribution data for all your employees, and the clearing house does the rest;
• Use the superannuation fund’s online system, if available; or
• A messaging portal which will convert the data for your employees to a SuperStream format.

If you are using Xero, you can find some information here, MYOB Super Portal here, and MYOB Pay Super here.

2. Collect Information required for Super Stream:

3. Use Super Stream

Start using SuperStream before 30 June 2016.  After 1 July 2016, the ATO will increase focus on employers that have been identified as not complying with their SuperStream obligations. There are a range of compliance enforcement options that can be applied if the behaviour of the employer does not change. These include issuing a direction notice or applying administrative penalties for not complying with the SuperStream obligations.

If you need further guidance, get in touch with or your Altus Adviser.