SuperStream is a Government reform aimed at improving the efficiency of the superannuation system. Basically, it is a means of submitting data and making contributions electronically on behalf of all of your employees in a consistent and simplified manner.
If you employ more than 20 employees, this initiative kicked off on 1 July 2014.
All other employers now need to comply with SuperStream from 1 July 2015.
The ATO have put together some frequently asked questions for employers. Click here for further information.
Now would be a great time to check whether your payroll software is SuperStream compliant. If it’s not, you may wish to look to upgrade to one that is.
Alternatively, the ATO and many of the industry super funds are offering a superannuation clearing house facility that is SuperStream compliant.