Being SuperStream compliant

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

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