Superstream is a method of paying super that is approved by the ATO + Australian Government.
Back in the old days (just after the dinosaurs), super payments were messy.
- Some were paid in cash, transferred, cheques etc. with no description attached.
- You could be owned super for the month of February 2017, and you wouldn't know whether the money your employer gave you was for February 2017 or for some other period that they owed you.
- Your super may never been sent to your account, and ended up in an ATO held trust where it earned no interest. No value.
Introducing: SUPERSTREAM <3
a payment method that all employers must abide to. How it works is that all super money is sent to a clearing house. The clearing house demands from the employer to attach the following details:
- Employee details - full name + address + etc.
- Superfund details
- what period of work was the super being paid for (e.g. the super you accumulated for working in February 2017)
As a result:
- employees can easily monitor their super money
- employers were on track to do their obligations
- less paperwork for superfunds & ATO
We use the ATO Superstream Clearing house.
Need help setting one up? Call us now on 0242295133 or email email@example.com