SuperStream was introduced by the government to improve the efficiency of the superannuation system using a method that streamlines superannuation payments and employee data. Rather than make multiple payments to different super funds you can now make one single payment.
SuperStream is mandatory for all employers making super contributions, and all APRA-regulated super funds and self-managed super funds (SMSFs) receiving contributions
When Do I Need to Have This Implemented By?
From 1 July 2016, all employers with 19 or fewer employees will need to make super contributions on behalf of their employees by submitting data and payments electronically in a standard format. For those with 20+ employees, the deadline has passed and you will need to get on board quickly to avoid fines by the ATO.
Is QuickBooks Online and KeyPay SuperStream Ready?
Yes it is! QuickBooks Online and KeyPay have been SuperStream compliant for some time and hold gold certification level of compliance with the ATO and use a compliant clearing house.
What Clearing House Is Used?
Superannuation payment is made through the integrated clearing house “ClickSuper” or if you use an alternate clearing house you can export reports to import into that one. If you choose to use the ClickSuper clearing house, you will need to register electronically before the quarter end reporting so you can process your Super payments.
Automated super payments via ClickSuper are available for all users and comes at no extra cost if processed quarterly. Additional super payments outside the quarterly ones incur extra costs at 25c per employee per batch submission.
How Do I Set This Up?
The first thing you need to do is register your business for automated super payments plus provide a direct debit authorisation to authorise the transfer of super payments directly from your nominated bank account.
Registering your business for automated super payments is easy when you follow these steps: Registering for Automated Super Payments.
Once you are registered for automated super payments, you will need to follow these instructions to facilitate your payment:
- Go to the Employees tab > Reports Menu > Super Payments option
- At the Super Payments page you will need to select New Super Batch Payment
- Select the date range that you want to create your batch payment for. Irrespective of the date range, only payments that haven’t been paid will be shown. Select filter to see a list of employees and the payments that need to be made for that date range.
- Once you’ve reviewed the payments, click Create Batch and the batch will be created and submitted for you.
- After you select Create Batch the following screen appears which tells you that you are about to send the batch to ClickSuper and the total amount submitted will be direct debited from your nominated bank account. Select OK