SuperStream data and payment standard
The SuperStream standard is part of the government’s Super Reform package. It will provide a consistent, reliable electronic method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollovers and contributions, and reduce the number of lost accounts and unclaimed monies.
To assist employers in finalising their SuperStream preparations, The ATO have provided further advice on what they should do if their employees with self-managed super funds (SMSFs) do not provide their fund’s details.
If an employer does not receive the SMSF’s details by the date required, they may ask the employee to complete and return a Super Choice Form.
For more information, please visit:-
https://www.ato.gov.au/Super/SuperStream/
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