SuperStream is part of the government’s Super Reform initiative and introduces a streamlined method for employers to send superannuation payments and associated information electronically to superannuation funds.
Medium to large employers (people employing more than 20 people) are required to commence paying employee super using these standards, from 30 June 2015. Employees with these companies who are members of a self-managed superannuation fund (SMSF) are subject to the same deadline. Small employers (people employing less than 20 people) will be required to implement these standards by 30 June 2016.
Some employers have already started using the SuperStream standards.
If you are an employee and are a member of a SMSFs you must provide relevant e-commerce details to your employer including the SMSF’s ABN, bank account details, and electronic service address (ESA).
It is recommended that you provide your SMSF details to your employer at least 30 days prior to when your employer will start sending contributions using SuperStream. This deadline is fast approaching.
An ESA is not an email address, which has been a common misconception.
The Tax Office have published a list of ESA providers, which are available here.
When choosing an appropriate ESA provider, we recommend you consider the following:
If you would like us to sign you up with an ESA please contact us today!
- Charges imposed by the provider. There are a number of providers who are offering this service free of charge.
- Affiliations with software providers.
- The ease in which you can change ESA providers in the future (if desired).