What is SuperStream?
On 1 July 2011, the Government commenced SuperStream, a package of measures designed to improve the management and administration of super funds.
This has:
- made the processing of transactions easier and faster, through the 'SuperStream' package of measures;
- introduced a new simple, low cost default superannuation product called 'MySuper'; and
- strengthened the governance and regulatory settings of the superannuation system, including self-managed superannuation funds.
Start dates for employers
Under the government’s SuperStream requirements, as of 1 July 2016 all employers have to send their contributions to their super fund electronically, in a format prescribed by the ATO. This means no more cheque payments. Employers will be able to upgrade their payroll systems to new versions which incorporate the SuperStream standard established by the government.
For more assistance in preparing for SuperStream, visit the ATO site.
New data collection requirements for employers
There is a minimum set of data you need to collect for new and existing employees. There is some new information you must now include.
To send a SuperStream contribution, you must include:
- the fund's Australian business number (ABN)
- the fund's bank account details
- the electronic service address of the fund or product
- the employee’s tax file number (TFN)
- a unique superannuation identifier (USI) (APRA-regulated funds only).
A USI identifies the specific superannuation product for an employee contribution. It helps to ensure employee contributions arrive at the right destination.
In the past, some funds have used a Superannuation Product Identification Number (SPIN). Under SuperStream, the fund trustee can choose to continue using a SPIN as their USI.
Where an employee has provided their TFN, you must include it in their contribution record. This is now required by law to prevent funds from losing employee contributions. The TFN makes it easier to match members with their super accounts.