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SuperStream checklist

All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically.

Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream.

SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – between employers, funds, service providers and the Tax Office.

For those businesses who have not made the switch, here is a guide to be SuperStream ready:

  1. Choose an option

SuperStream requires you to pay super and send employee information electronically. If you already do this, you may only need to refine your system to send the contribution data in the standard format. You can use:

If you are unsure of which option to choose, contact one of our accountants to help you select the most suitable option for your business.

  1. Collect information and update your records

You may need to collect additional information from your employees, including:

For employees with a self-managed super fund, you will need:

  1. Use SuperStream

Once you have all the employee information, you can start using SuperStream as soon as possible. It is still the employer’s responsibility to meet the super guarantee obligations by the due dates. Those using a clearing house must check how long it will take to send the money and information the super fund. Generally, an employee’s super contribution is counted as being paid on the date the fund receives it, not the date a clearing house receives it from you.

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News

Authority for super complaints introduced

December 14, 2018

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.

The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.

AFCA’s jurisdiction
AFCA has been given authority over a range of complaint areas including:

What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.

You can make complaints about: