Employer Update: Changes to Superannuation Payments using SuperStream commence July 1 2015
SuperStream is a government initiative to provide an efficient method for employers to make electronic payments of employee superannuation contributions and will apply to all employers who make super contributions, APRA-regulated superannuation funds and self-managed superannuation funds which receive contributions.
If your business employs over 20 staff, the Government’s SuperStream changes will soon commence. Whilst the implementation of the SuperStream system of payment was introduced from 1 July 2014 where large to medium employers needed to start the transition to the new payment system, employers have until 30 June 2015 to meet the requirements fully.
From 1 July 2015, employers must make their employee superannuation contributions and payments online by submitting data and payments electronically. The new system will assist to ensure employer’s contributions are paid on time and consistently, direct to the employee’s superannuation account.
If your business is a small business employing 19 employees or less, implementation of SuperStream will commence from 1 July 2015 with the necessary implementation and conversion to electronic submissions of their employee superannuation contributions to be fully functional by 30 June 2016.
The new system should benefit employers who will now use one channel to pay all superannuation payments and contributions.Back