SuperStream is part of the Government’s ‘Stronger Super’ reforms, designed to enhance the ‘back office’ of superannuation by standardising how data is communicated for superannuation transactions.
Key reforms in the package are:
- To promote superannuation identifiers (USIs) and TFNs as primary account identifiers.
- Mandatory electronic payment methods to improve processing efficiency through electronic payment and electronic provision of data.
- Mandatory data standards to reduce the number of lost superannuation accounts.
- Supertick, which is the ATO’s verification service for new default fund employees.
- Fund validation services, which is the ATO service that allows an employer to look up a super fund’s details.
- Gateways, which are entities accredited and regulated by the ATO that will transfer data and payments between super funds and employers.
Over time, these reforms will allow for more automated processing of contributions. This automation should result in contributions being allocated to members’ accounts faster and more accurately and should reduce the costs for processing contributions across the superannuation system.
From 1 July 2014, new data standards applied to super transactions, including employer SG contributions. The new standards aim to make processing super payments easier and result in fewer data quality issues leading to faster and more accurate processing of contributions and member accounts.
As part of these reforms, employers are required to send contribution data and certain prescribed member personal details in a standard electronic format. The new data standards now apply and funds no longer allow cheque contributions or paper remittances.
If you are using Employer Portal or MercerSpectrum for your super administration, you have already satisfied the requirement to comply with the electronic standards.
If you’re unsure whether the super administration system you’re using is compliant, please contact the Employer Hotline on 1800 640 886.
For more information visit the ATO's SuperStream pages.