SuperStream is the name for the range of proposals designed to improve the processing of everyday superannuation transactions.
From 1 July 2014, SuperStream will affect the way employers meet their superannuation contribution obligations.The standard process as it exists, involves a combination of paper and electronic transactions. This makes for a complex and inefficient system.
The concept behind SuperStream is to increase the processing speed of transactions, reduce error and remove human involvement from the system to reduce the time between the employer’s contribution being made and its allocation into the member’s account, and also to reduce the costs of administration through increased electronic processing.
SuperSteam compliant enrolments and contributions are being progressively introduced with the ATO taking an oversight role of its implementation.
Employers with twenty or more employees will have to be compliant with contributions and enrolments for SuperStream from 1 July 2014, with smaller employers being compliant from 1 July 2015.
SuperStream is built around “Standard Business Reporting” which is designed to be integrated with accounting systems, using standard terms, messaging language and packaging rules for data and payment transactions.
The SuperStream rules are set by the Superannuation Data and Payment Standards 2012.
These prescribe contributions payments forms (BPay or direct entry), standard information requirements and the language and formats to be used.
There are also some transitional arrangements where there is existing electronic commerce.