SuperStream is an initiative of the Federal Government to simplify the way all businesses pay and report their employees super, making it faster and easier.
From 1 July, ALL businesses need to be compliant with the new rules.
Employers need to report and pay superannuation contributions electronically using a compliant payroll system (like Xero), a super clearing house or the messaging portal.
To use SuperStream you will need to collect some new information for your employees.
All regulated super funds have a new identifier called a USI (or Unique Superannuation Identifier).
For employees with Self Managed Super Funds (SMSF), you will require their tax file number, Fund ABN and bank details and an electronic service address (ESA). An ESA is an alias used by the SMSF that represents the URL or IP address of a messaging provider. An email address is not an active electronic service address.
It is still the employer's to pay the super contributions by the quarterly due dates. If you using a clearing house, you will need to check when they need to receive it so as to ensure the payment deadlines are met. Generally, contributions are paid when received by the funds, not the clearing house.
If you are not yet compliant, get cracking, there is only 5 weeks left.
Still not sure what you need to do, we can help.