Members are advised that the Federal Government has introduced new standards that require you to pay your employees’ superannuation electronically. Employers with over 20 employees need to be SuperStream compliant by 1 July 2015. If you have fewer than 20 employees you will need to be SuperStream* compliant by 1 July 2016.
What is SuperStream?
- It is an electronic method which aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions.
- It requires an employer to send contributions electronically in a standard format.
- It will simplify the super contribution experience for employers by reducing cost and effort while eliminating unnecessary variation in how contributions are made.
- For employees, it will mean better protection of their retirement savings.
For a brochure with more detailed information, click the link: http://www.wafarmers.org.au/wp-content/uploads/2015/06/SuperStream-Ready.pdf
To visit the government’s SuperStream website, click the link: https://www.ato.gov.au/Super/SuperStream/