SuperStream is the Government’s prescription for making super contributions electronically in a standard format, with linked data and payments. This applies to all employers making super contributions.
20 plus employees
Employers needed to be SuperStream compliant by 30 June 2015.
The Australian Taxation Office has indicated employers will not be penalised as long as they have a plan in place to finalise implementation of SuperStream by 31 October 2015.
19 and less employees
SuperStream started from 1 July 2015, but you have until 30 June 2016 to meet the SuperStream requirements.
Employers and super funds (including SMSF) need to be communicating to implement this electronic exchange. Once established, it is quite simple to transaction.
The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.