Here are some common questions in relation to SuperStream
What are the SuperStream deadlines?
Employers with 19 employees or fewer, SuperStream deadline is 30 June 2016.
Employers with 20 or more employees, SuperStream deadline was 31 October 2015.
(If you’re not yet ready, you need to take all steps to implement as soon as possible).
What is a USI?
A unique superannuation identifier (USI) identifies the specific super product for an employee contribution. It ensures contributions get to the right destination. All super funds must have at least one USI.
Employers can use Super Fund Lookup http://superfundlookup.gov.au/DownloadUsiList.aspx to find USIs and other information about super funds.
What if I don’t get the information I need from employees with an SMSF?
If an employee with an SMSF hasn’t provided you with the information you need to make contributions using SuperStream, you may be able to redirect your employees’ contributions to your default fund, subject to some conditions.
You must tell the employee what information you need and give them a reasonable period to respond. If you don’t receive it, ask the employee to complete a standard choice form and return it within 28 days. This form will gather the information you need to make SuperStream contributions to their SMSF.
If you still don’t receive the information, you may send their contributions to your default fund. You can still give an employee more time to respond.
How long does it take to process contributions?
Generally, an employee’s super contribution is counted as being paid on the date their super fund receives it, not the date a clearing house receives it from you.
If you use a clearing house to make contributions using SuperStream, check their terms and conditions of processing information and payments. Some clearing houses take 10 days to process, but others are quicker (for example one day).
Once the contribution reaches a super fund, the fund has three days to allocate the money to the member’s account and process the information (or forward the money to the employee’s choice fund). The clock doesn’t start until both the information and payment have been received.
If you use the ATO’s Small Business Super Clearing House (SBSCH) your super guarantee and SuperStream obligations are met on the date the SBSCH accepts them (so long as the super fund doesn’t reject the payments). This is because the SBSCH is an ‘approved clearing house’ under government regulations.