INTRODUCTION OF SUPER STREAM from 1st JULY 2016

What is Super Stream?  The government has updated the way employers need to pay and report on super contributions, it’s called “SuperStream.”

 

Super Stream requires that all contributions be paid electronically. (i.e. payments by cheques are not acceptable) and that each contribution is accompanied by electronic details of the contributions (i.e. information such as, Member Name, Member No, Date of Birth, Member A/c Number, Details of contribution – Employer, SGC, Salary Sacrifice etc.).

 

For small business, (small business is defined as business having less than 20 employees, or a turnover less than $2.0 million) compliance is required from 1st July 2016.