SuperStream is the way businesses must pay employee superannuation guarantee contributions to super funds. With SuperStream money and data are sent electronically in a standard format.
SuperStream transmits money and information consistently across the super system – between employers, funds, service providers and the ATO. The data is linked to the payment by a unique payment reference number.
employers can make all their contributions in a single transaction, even if they’re going to multiple super funds contributions and rollovers can be processed faster, more efficiently and with fewer errors people can be more reliably linked to their super, reducing lost accounts and unclaimed monies.
There are deadlines in place for employers to be using SuperStream.