--- title: SuperStream and how it impacts you description: SuperStream is a government initiative designed to improve the efficiency in paying superannuation contributions by employers. image: https://www.altusfinancial.com.au/hubfs/Blog-images/Alttus-Financial-SuperStream.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. For many Australians, this will be a marginal change. For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Super](https://www.altusfinancial.com.au/blog/topic/super) - 4 min read ## [SuperStream and how it impacts you](https://www.altusfinancial.com.au/blog/superstream-and-how-it-impacts-you) ###### Jeremy D'Cruz - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/superstream-and-how-it-impacts-you) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fsuperstream-and-how-it-impacts-you) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fsuperstream-and-how-it-impacts-you) ### What is Super Stream? [SuperStream](https://www.ato.gov.au/super/superstream/) is a government initiative designed to improve the efficiency in paying superannuation contributions by employers on behalf of their employees. This initiative ensures all employers are sending the correct super contributions at the right time. ### What does it mean for my business? [SuperStream](https://www.ato.gov.au/super/superstream/) requires the processing of superannuation data and payments in an electronic way. Paper remittances and cheques will no longer be accepted. [SuperStream](https://www.ato.gov.au/super/superstream/) allows employers to make all their contributions in one transaction, regardless of how many superfunds they’re going to. It allows contributions and rollovers to be processed faster, in a more efficient way with fewer errors. [SuperStream](https://www.ato.gov.au/super/superstream/) will also allow you to be more reliably linked to your super, reducing lost accounts and unclaimed monies. **If you are an employer with 19 or less employees:** - SuperStream must be implemented by 1 July 2016, - You can use the [ATO’s Small Business Superannuation Clearing House](https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/) (SBSCH) to pay all employee super contributions at one time, to one location. **If you are an employer with over 20 employees:** - You should have implemented [SuperStream](https://www.ato.gov.au/super/superstream/) by 1 July 2015. ### What do I need to do? If you are already sending employee information electronically, you may only need to refine your system. ### 1. Choose an option You can use: - Use a payroll system that meets the [SuperStream](https://www.ato.gov.au/super/superstream/) standards such as Xero (Premium Versions) or MYOB (with Pay Super or Super Portal functionality); - Use a [super clearing house](https://www.ato.gov.au/business/super-for-employers/paying-super-contributions/small-business-superannuation-clearing-house/) which will pay super to your employees' funds for you - You can send a single electronic payment to the clearing house, together with the contribution data for all your employees, and the clearing house does the rest; - Use the superannuation fund’s online system, if available; or - A messaging portal which will convert the data for your employees to a [SuperStream](https://www.ato.gov.au/super/superstream/) format. If you are using [Xero](https://www.xero.com/blog/2013/11/superstream-means-business/), you can find some information [here](https://www.xero.com/blog/2013/11/superstream-means-business/), [MYOB Super Portal here](http://help.myob.com/wiki/display/sp/Learn+about+MYOB's+super+portal), and [MYOB Pay Super here](http://help.myob.com/wiki/display/ar/Set+up+Pay+Super). ### 2. Collect Information required for Super Stream: ![Super-Stream-table.png](https://www.altusfinancial.com.au/hs-fs/hubfs/Blog-images/Super-Stream-table.png?width=479&name=Super-Stream-table.png "Super-Stream-table.png") ### 3. Use Super Stream Start using [SuperStream](https://www.ato.gov.au/super/superstream/) before 30 June 2016.  After 1 July 2016, the ATO will increase focus on employers that have been identified as not complying with their [SuperStream](https://www.ato.gov.au/super/superstream/) obligations. There are a range of compliance enforcement options that can be applied if the behaviour of the employer does not change. These include issuing a direction notice or applying administrative penalties for not complying with the [SuperStream](https://www.ato.gov.au/super/superstream/) obligations. If you need further guidance, get in touch with [Jeremy D’Cruz](mailto:jeremy.dcruz@altusfinancial.com.au) or your Altus Adviser. ### **Could Your Business Benefit from an Outsourced CFO?** Set your business on the right path with this simple guide. [Access the Guide](https://www.altusfinancial.com.au/cfo-landing-page) ![Could Your Business Benefit From an Outsources CFO_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Could%20Your%20Business%20Benefit%20From%20an%20Outsourced%20CFO/Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg?width=582&height=386&name=Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg) ## Financial insights you won’t delete. Delivered to your inbox weekly. ### Sign up for our newsletter ### **Prospective Business Owner** - Succession Checklist Make sure you’re on the right track with this online checklist. [Access the Checklist](https://www.altusfinancial.com.au/prospective-business-owner-succession) ![Business Owner - Succession Checklist_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Business%20Owner%20-%20Succession%20Checklist/Business%20Owner%20-%20Succession%20Checklist_Resources.jpg?width=581&height=386&name=Business%20Owner%20-%20Succession%20Checklist_Resources.jpg) #### Featured authors [Adam Montana](https://www.altusfinancial.com.au/blog/author/adam-montana) [See all articles](https://www.altusfinancial.com.au/blog/author/adam-montana) [Alex Bouris](https://www.altusfinancial.com.au/blog/author/alex-bouris) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-bouris) [Alex Thomaschuetz](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [Altus Team](https://www.altusfinancial.com.au/blog/author/altus-team) [See all articles](https://www.altusfinancial.com.au/blog/author/altus-team) ###### Have a question for Jeremy D'Cruz? Connect with the author of this post and they'll get back to you. [Send a message](mailto:jeremy.dcruz@altusfinancial.com.au) ![close (1)](https://www.altusfinancial.com.au/hubfs/Altus_LP_Images/close%20(1).svg) #### Related Insights [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) - 9 min read ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) - 2 min read ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Investments](https://www.altusfinancial.com.au/blog/topic/investments) - 9 min read ##### [Supercharge Your Superannuation & Maximise Your Retirement Savings](https://www.altusfinancial.com.au/blog/supercharge-your-superannuation-maximise-your-retirement-savings) [Super](https://www.altusfinancial.com.au/blog/topic/super) - 7 min read ##### [Superannuation: All Your Questions Answered](https://www.altusfinancial.com.au/blog/superannuation-all-your-questions-answered) ## Financial insights you won’t delete. 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