As an employer, you will have dealt with the frustrations of paying employee superannuation contributions. You have to go to various fund portals to enter employee contribution details and then get payment details. In other cases, you have an individual BPAY number you use to make payments every month or quarter, In others, you could only pay by cheque. In a number of cases, you have to get an individual BPAY number for every employee every month. This has been a significant administrative overhead for employers for years, with Ozedi clients reporting that up to 3 or 4 days per month is spent paying employee superannuation contributions.
The Federal Government has enacted legislation which requires every employer to pay funds electronically and to send to each fund a remittance advice in a standard electronic format. This legislation came into effect on 1st July 2014. and all employers must have implemented SuperStream before 30th June 2016. By 1st July 2015, all employers with 20 or more employees must have implemented SuperStream.
SuperStream has been introduced to ensure that employee contributions are processed by the superannuation funds in a timely manner and with far more accuracy than has been achieved in the past. Apart from the efficiencies to be gained by the funds, the employers will also achieve significant savings in more efficient practices.
Your payroll software, if implemented to the most efficient design model for SuperStream, will produce two files, one containing the data to be sent to a SuperStream gateway for distribution of remittance advices to the superannuation funds and the other a file of payments to be loaded into your banking software. It should be as simple as running a process once a month or quarter in your payroll software to produce these two files
Properly implemented, all of your superannuation contributions, whether to APRA funds or self managed superannuation funds (SMSFs), will be paid with one single function in your payroll software.
Not all payroll software has implemented SuperStream to this tightly integrated model and a number are just producing the data file and leaving it to their clients to find a service provider to manage the SuperStream process. Ozedi Direct provides the only service which allows you to pay your superannuation contributions directly from your bank account or with your American Express card.