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.

  • What is SuperStream?

    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 that your super contributions are 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 only super contributions that do not have to be SuperStream compliant are:

    • if you are self-employed or a sole trader and your super contributions are only for yourself. However, super contributions for any employees do need to be SuperStream compliant.
    • if you are a director or employee of your own incorporated business and the business pays super for you to your own self-managed super fund (SMSF). However, super contributions to any super fund other than your own SMSF and for all other employees do need to be SuperStream compliant.

    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.

  • Benefits of being SuperStream compliant

    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
    • less time spent dealing with employee data issues and fund queries
    • reduced cost of processing contributions and payments
    • more timely flow of information and money in meeting your superannuation obligations.

    The Virgin Money Super Clearing House is a SuperStream compliant solution. 

  • Virgin Money Super QuickSuper

    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).

  • How to make contributions

    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 11% 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
    Quarter 1 
    1 July - 30 September
    28 October
    Quarter 2 
    1 October - 31 December
    28 January
    Quarter 3 
    1 January - 31 March
    28 April
    Quarter 4 
    1 April - 30 June
    28 July

    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)
  • Get started now with Virgin Money Super

More about Virgin Money Super

Virgin Money Superannuation - Choosing your default fund

Choosing your default fund

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Virgin Money Superannuation - Setting up your employees

Setting up your employees

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Virgin Money Superannuation: Information for your employees

Information for your employees

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Business Specialists

Talk to one of our Business Specialists on 1300 855 040
Mon-Fri 9am-5pm (AEST) apart from public holidays.