Being SuperStream Compliant
Being SuperStream compliant with Virgin Money Super is an easy and effective way to ensure your business meets its super requirements. SuperStream is straightforward and streamlines the super payment process.
SuperStream is the new standard for making and submitting super data and payments between employers and super funds. It’s part of a broader range of reforms known as Stronger Super.
SuperStream has been created to improve Australia’s superannuation system. It requires the super you contribute to be sent electronically in a standard format with linked data and payments.
Under the Government’s SuperStream regulations, you need to make contributions (along with the associated data about your employees) electronically to your employees’ super fund.
The data is in a standard format so it can be transmitted consistently across the superannuation system – between employers, funds, service providers and the ATO. Each payment has a unique payment reference number.
This means you can make all your contributions in a single transaction, even if they're going to multiple super funds. Simple.
As your default Super fund, Virgin Money Super can provide you with free access to our SuperStream compliant clearing house to submit contributions and manage your account.
If your business has up to 19 employees, you can organise for all contributions to be paid to the Small Business Superannuation Clearing House.
- You'll first have to register your business online with your Australian Business Number (ABN) and business contact details (including email address)
- You'll then only have to make one single electronic payment
- The clearing house will distribute payments to each fund, including Virgin Money, on your behalf
To help you, the clearing house has a complete ‘How to’ guide available online.
For more information on the governments requirements see the ATO's website.
Or check out our Quick Guide to SuperStream
SuperStream is the easy way to pay super. It's an electronic and standardised solution that streamlines the super payment process.
SuperStream makes super simple. For employers, this means:
- you can use one online channel to pay multiple funds
- less room for error during data entry, due to fewer manual steps
- transactions reach the destination funds faster
The Virgin Money Super Clearing House is a SuperStream compliant solution.
With 24/7 online access, you can easily manage your businesses’ super requirements anytime, when it's convenient for you.
With your Virgin Money Super QuickSuper account, you can:
- make employee contributions
- view contributions reports and transactions
- update your company information
- add employees and manage
Access and Service
Easy account access and customer service is important. With Virgin Money Super, you have 24/7 access to your account. Virgin Money Super is supported by our friendly and experienced Business Specialist team, who will answer any questions. Call us on 1300 855 040 (9am - 5pm AEST Monday to Friday, apart from Public Holidays).
Step 1: Calculate your employee's Ordinary Time Earnings (OTE) per calendar month.
You need to use Ordinary Time Earnings (OTE) to calculate the minimum Superannuation Guarantee (SG) contributions for your eligible employees. In general, OTEs are what your employees earn for their ordinary hours of work, including over-award payments, bonuses and commissions.
Step 2: Work out 9.5% of your employee's salary or OTE (or the applicable higher rate if agreed with your employee)
This is the minimum Superannuation Guarantee (SG) contributions that you need to pay on your employee's behalf. Please note that this will gradually increase over the coming years to 12%.
Step 3: When to make payments
You need to pay these contributions at least quarterly by a specific cut-off date for each quarter – Here are the cut-off dates:
|Quarter||Quarter Payment cut-off date|
1 July - 30 September
1 October - 31 December
1 January - 31 March
1 April - 30 June
If you don’t make your payments by the quarterly cut off date, or you don’t contribute enough for each employee, you'll need to lodge an SG charge statement with the ATO and pay the SG charge.
The charge is the employee's SG shortfall amount, nominal interest of 10% p.a. and administration fees of $20 for each employee where there is a shortfall. The information above is intended as a guide only. If you aren’t sure you’re making the right contributions, it’s a good idea to contact the ATO.
Step 4: Where contributions are paid
Your contributions need to be paid into a complying superannuation fund or Retirement Savings Account (RSA). Most employers select a superannuation fund they present to their employees as the business’ nominated fund, but in most cases, employees have the right to choose which superannuation fund they want to join. Since 1 January 2014, all employers must pay contributions into a MySuper authorised product for any employee who has not made a choice of fund.
Step 5 :How to pay contributions
To meet SuperStream compliance, your options may include:
- Upgrading your payroll software
- Using an outsourced payroll function or other service provider
- Using a commercial clearing house or the free Small Business Superannuation Clearing House (19 or fewer employees).
If Virgin Money Super is your default Super fund, we can provide you with access to our SuperStream compliant Clearing House to make contributions on behalf of your employees.
If you’re not using the Virgin Money Super QuickSuper Clearing House to make contributions, you’ll need the following information:
- Our Fund name: Virgin Money Super
- Our Australian Business Number (ABN): 19 905 422 981
- Our Unique Superannuation Identifier (USI): 19 905 422 981 701
- Your employee’s Virgin Money Super member number (optional)
More about Virgin Money Super
The information above is intended as a guide only. If you are unsure about who you need to make contributions for we suggest you contact the ATO.
As an employer, it's important you fully understand your superannuation obligations as failure to meet these minimum requirements could mean financial penalties from the Government.
QuickSuper is a registered trademark and a product owned and operated by Westpac Banking Corporation ABN 33 007 457 141. Westpac’s terms and conditions applicable to the QuickSuper service are available after your eligibility for the free clearing house service is assessed by Virgin Money Super.
This information is of a general nature only and does not take into account your personal financial situation, needs or objectives. As we don't know your financial needs we can’t advise if Virgin Money Super will suit you. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide and Financial Services Guide before making a decision about the product. For further information about the insurance options refer to the Insurance Guide.
While there are no contribution, withdrawal or switching fees, a buy/sell spread applies at a fund level when purchasing and selling units. Other fees and costs may apply such as insurance fees. These are retained by the fund and are not paid to Virgin Money or the Trustee. All fees are inclusive of Goods and Services Tax (GST) and net of Reduced Input Tax Credits (RITC).
Before you rollover or consolidate your superannuation, you should check to see if insurance or other benefits will be impacted or lost. Some funds may also charge withdrawal or exit fees.
It is very important to note that superannuation is generally a long term investment. Past investment performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. It is very important to note that superannuation is a generally long term investment and that past performance is not indicative of future performance.
Prepared by Virgin Money Financial Services Pty Ltd ABN 51 113 285 395 AFSL 286869. Virgin Money Super is a plan in the Mercer Super Trust ABN 19 905 422 981. Virgin Money Super is issued by Mercer Superannuation (Australia) Limited (MSAL) ABN 79 004 717 533 AFSL 235906 as trustee of the Mercer Super Trust. For more information about Virgin Money Super, please refer to the PDS which is available free of charge on our website or by calling the Customer Care team on 1300 652 770.
SuperRatings award reflects a funds' value for money, and is awarded based on a rating system of investment, fees and service. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria.
The amount shown is an estimate only of the Indirect Cost Ratio (ICR) generally expected to apply to these investments for 2016-2017 Financial Year.
Virgin Money Super’s fund returns shown above are net earnings and are calculated after the deduction of applicable taxes and costs. The results are current as at 31 January 2017. These results are provided by Virgin Money Super Asset consultants. It is very important to note that past performance is not indicative of future performance.
The median results are provided by SuperRatings and are current as at 30 June 2016 as a benchmark only. Virgin Money Super has not verified its accuracy so we can’t guarantee that it is correct, and accept no liability for inaccuracies, errors or omissions.
Eligibility crtieria and fees apply. Aged 15-64 Death and Total and Permanent Disablity cover. Automatic Insurance cover is subject to Exclusions including Pre-Existing Medical Condition exclusion. This means that, you won’t be covered for any illness, injury, condition or related symptom that you were aware of or should have been aware of, or had a medical consultation for, were planning to have a medical consultation for, or should have had a medical consultation for in the two years prior to cover commencement. See the Virgin Money Super Insurance Guide for more information.
Automatic Death & TPD cover for Australian residents aged 15-64 with our default insurance offering. Conditions and Exclusions (such as pre-existing medical conditions) apply. See the Virgin Money Super Insurance Guide for more information.
The case studies shown are hypothetical and are not meant to illustrate the circumstances of any particular individual. All claims will be assessed in accordance with the policy terms. In the event of any inconsistency with other material, the insurance policy terms will prevail.
For further information regarding Virgin Money Super’s insurance cover, including terms, conditions and eligibility, please refer to the Insurance Guide which forms part of the Product Disclosure Statement (PDS). The PDS is also available free of charge by contacting Customer Services on 1300 652 770.
This information is of a general nature and has been prepared without taking account of your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. You should read the relevant Product Disclosure Statement available by calling 1300 652 770 and consider if this product is right for you before making a decision to acquire or continue to hold the product.