In 2014, SuperStream was announced by the government aiming to improve the efficiency of the superannuation systems. Employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. SuperStream is compulsory for all employers making super contributions, as well as self-managed superannuation funds (SMSF) receiving contributions.
We first broke down SuperStream late last year in our blog “SuperStream rolled out”. We talked about what it aims to do and what you need to do to be compliant. We are finding, through conversations offline and online, that employers are still misunderstanding what SuperStream is and how it affects them. If this is you then have a listen of the SuperStream Podcast released by the ATO below.
SuperStream podcasts for small employers
Source: the Australian Taxation office.
If you need more information, please don’t hesitate to contact us. We are happy to help.