Superstream - Stronger Super Reform
Key Engagement Items:
Reduce administrative costs and errors associated with manual superannuation processes.
Enhance the accuracy of superannuation payments.
Make the system easier and faster for employers, employees, and super funds.
Legislation Focus:
SuperStream is a key reform in Australia's superannuation system introduced by the federal government to improve the efficiency of contributions, rollovers, and data exchange within the superannuation industry. It was enacted as part of the Stronger Super reforms and implemented through amendments to the Superannuation Industry (Supervision) Act 1993 and related legislation.
Key Features of SuperStream:
Electronic Contributions
Employers must send super contributions and associated data (e.g., employee details) electronically using the same format.
Standardized Messaging
SuperStream uses the Superannuation Data and Payment Standards 2012, which defines the format for data and payment transmission.
Improved Rollover Processes
SuperStream streamlines the process of rolling over superannuation between funds, reducing delays and errors.
Support for Self-Managed Super Funds (SMSFs)
SMSFs receiving employer contributions must have an electronic service address (ESA) to comply with SuperStream.
Legislation Timeline:
2012: The reforms were introduced through the Superannuation Data and Payment Standards 2012 and the Stronger Super legislation.
2014-2016: Phased implementation began:
Medium and large employers had to comply by 1 July 2014.
Small employers (19 or fewer employees) had to comply by 1 July 2015, with full compliance required by October 2016.
What is SuperStream?
SuperStream is a standardized system for sending superannuation data and payments electronically in a consistent and simplified manner. It applies to employers, super funds, and self-managed super funds (SMSFs).
QA Focus:
End to end planning
Budget and resource estimations
QA/Test strategy
Technical Testing
Non Functional Testing
Business/User Acceptance Testing
System Testing
Integration Testing
Stakeholder communication
Compliance verification