Download Our App Follow Us

Small Business need to prepare for Super Stream.

Many people underestimate the superannuation savings that they need to retire with, as well as how much super they have already saved. As a result, the government has brought in reforms for employers, so that contributions can be logged and tracked by employees in a process called Super Stream. For most employers, this can mean a significant change in the system of paying superannuation for employees from the system that has been in place since the early 1990s.

To comply with Super Stream, employers must pay their superannuation contributions electronically and then provide details of their payment, including the employee's name, Tax File Number and Super fund member number, to the super fund of the employees.

In the transition, employers will need to gather some additional information to comply to the Super Stream standards. This information includes:

  • bank account details,
  • electronic service addresses
  • ABNs for self managed super funds and
  • unique superannuation identifiers for APRA-regulated funds.

For Self managed Super Funds the electronic service address will be: AUSPOSTSMSF

Employers that have 20 staff or more are required to have completely implemented the Super Stream by June 30th this year.

Those with 19 employees or less, are required to start the process of implementing Super Stream from July 1st with the process being mandatory, by the 30th of June 2016.

Most accounting software packages with payroll have released integrated Super Stream solutions that automatically processes bulk superannuation payments. So now may be the time for small business to implement new software solutions for their accounting and payroll functions.

Belmores can assist by reviewing your current accounting software and provide advice and assistance in the implementation of new systems to deal with Super Stream

Get In Contact

We look forward to seeing you, please visit us anytime. Find the closest office to you.

Yarrawonga Office
Yarrawonga Wealth Management
Numurkah Office
Myrtleford Office
Bright Office

Yarrawonga Office

50 Belmore St Yarrawonga
PO Box 200 Yarrawonga
VIC 3730

Phone: 03 5744 1221
Fax: 03 5744 2553
Email: belmore@belmores.com.au
Request an appointment

Yarrawonga Wealth Management

70 Belmore St Yarrawonga
PO Box 49 Yarrawonga VIC 3730

Phone: 03 5744 1221
Fax: 03 5744 2553
Email: BWM@belmores.com.au  
Request an appointment

Numurkah Office

134 Melville Street, Numurkah VIC 3636

Phone: 03 5862 1411
Fax: 03 5862 2075
Email: belmoresnumurkah@belmores.com.au  
Request an appointment

Myrtleford Office

1-7 Albert St, Myrtleford VIC 3737
Australia
PO Box 246

Tel 03 5752 2288
Fax 03 5752 2660
Email: belmoresmfdbright@belmores.com.au  
Request an appointment

Bright Office

3 Ireland St, Bright VIC 3741, Australia
PO Box 71
(The old post office building)

Tel 03 5755 1327
Fax 03 5755 1875
Email: belmoresmfdbright@belmores.com.au  
Request an appointment