SuperStream is a newly introduced standard to improve the efficiency of the existing superannuation system. Naturally, this standard also applies to all other superannuation funds including self managed super funds (SMSFs), in which contributions should be paid electronically as according to this standard.
Important timelines and activities to remember:
| From 1 July 2014 | From 1 July 2015 |
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The government acknowledges that businesses will require time and incur expenses to implement this new standard, and it is expecting that the future benefits and efficiencies will outweigh the costs incurred at the initial stage.
Example of required changes to migrate to this new standard:
- Upgrade of payroll system
- Outsource of payroll function
- Use of commercial clearing house (or the free Small Business Superannuation Clearing House) for employers with 19 or fewer employees
SuperStream