The ATO introduced a new payment system for employee Super Contributions called SuperStream on 1 July 2016.
SuperStream is the way businesses must now pay employee superannuation guarantee contributions to the choice super funds. With SuperStream money and data are sent electronically in a standard format to the ATO allowing them to forward the funds to the staffs personal super fund.
All employers, Self Managed Super Funds and APRA regulated funds must comply with the new system although some have earlier dates for compliance.
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.
– employers can make all their contributions in a single transaction even going to multiple super funds
– contributions and rollovers can be processed faster and efficiently with fewer errors
– People can be more reliably linked to their super, reducing lost accounts and unclaimed monies.