Employer SuperStream checklist

December 6, 2018 11:20 pm | Published by | Categorised in:

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

Obligations
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.

Step-by-step guide
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