Super Stream is a government reform managed by the Australian Tax Office (ATO) designed to increase the efficiency of the superannuation system.
The main purpose of implementing this initiative is to –
• Ensure that employer contributions are paid in a consistent timely and efficient manner
• Remove complexities associated with the variety of arrangements that individual funds require.
• Standardization of process and channel.
Firms of 20 or more employees must implement the scheme as from 1 July 2014. Employers with 19 or less employees need to meet the Super Steam criteria from 1 July 2015, and must be on system by 30 June 2016. All employers are encouraged to commence from 1 July 2014.
The ATO web site below provides the following links -
Getting Ready for Super Stream:
Using Super Stream:
more info at www.ato.gov.au