SuperStream Compliance

From 1 July 2015, small business employers (with 19 or fewer employees) should have started using SuperStream. Small business employers must have completed their implementation by no later than 30 June 2016.

Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically using the SuperStream standard.

Please note, Bizprac is SuperStream compliant

The SuperStream standard

The standard involves sending and receiving contributions electronically in a prescribed format, with linked data and payments. It prescribes the minimum data set and electronic payment options that can be used.

Some employers may implement SuperStream using an alternate solution offered by an APRA-regulated super fund. Your default fund will inform you of these options if they are available, but it’s up to you to determine your preferred solution.

The Commissioner of Taxation is responsible for ensuring employers and SMSF trustees comply with their obligations under the standard. APRA is responsible for ensuring the compliance of APRA-regulated super funds.

Next steps:

Exemptions

Your SMSF doesn’t need to use SuperStream if it doesn’t receive any employer contributions, or the only employer contributions are from a related-party employer. For example, if you’re an employee of your family business and your super guarantee contributions go to your SMSF, these contributions are exempt from the SuperStream standard.

SuperStream also doesn’t apply to:

  • personal contributions made by members
  • rollovers to or from an SMSF.

Compliance action

From 1 November 2016, the ATO will increase our focus on small employers and SMSFs identified as not complying with their SuperStream obligations. The ATO will be looking to ensure that the contribution information and electronic arrangements specified by law are being complied with.

See also: