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Explains SuperStream – the way business must pay superannuation guarantee contributions to super funds.
SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format.
It must be used by:
SuperStream transmits money and information consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
This means:
- employers can make all their contributions in a single transaction, even if they’re going to multiple super funds
- contributions and rollovers can be processed faster, more efficiently and with fewer errors
- people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
All employers should be SuperStream compliant. Visit the employers tab for more information. For new employers see link below
QC47540 – Last updated 21 June 2016
https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-electronically-through-superstream
