Previously, employers of more than 20 employees and superannuation funds were required to be “SuperStream compliant” by 1 July 2014, however this has been deferred until 1 July 2015. At this time all employers and superannuation funds will need to be SuperStream compliant.
To meet these requirements, employers will need to make superannuation contributions for employees electronically. The contribution data will be sent electronically to the superannuation fund in a standard message format and the actual contribution payment will be sent through the banking system. The data and payment will be linked by a reference number for fund reconciliation purposes.
We recommend that you contact your pay-roll service provider and/or bank to assist you in implementing these changes in order to become compliant by the due date.
For more information, go to https://www.ato.gov.au/super/superstream/