Posted on 7 December '18 by , under Super.
Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO’s electronic and standardised solution that streamlines the super payment process.
Using SuperStream for employers means:
- You can use one online channel to pay multiple funds
- Less room for error during data entry, due to fewer steps
- Transactions reach funds faster
You must make contributions to a super fund through a SuperStream solution unless you are eligible for the following exemptions:
- Personal contributions if you are self-employed or a sole trader and make after-tax contributions to a super fund for yourself
- Contributions to your SMSF where you’re a related party employer. For example, if you are an employee of your family business and your super guarantee contributions go to your SMSF.
Once you have decided that SuperStream is right for you, the following steps will help you stay compliant:
- Choose an option: you can choose from a payroll system, your super fund’s online system, a super clearing house and a messaging portal
- Collect information and update your records: refer to the ATO for an exhaustive list of the information you will need from your employees
- Pay the SuperStream way: pay as soon as possible so you can get used to the system