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
