SuperStream requires employers to make super contributions electronically. Contributions data is sent to the fund using electronic messaging while the matching payment is sent electronically through the banking system. The message and payment are linked by a payment reference number enabling reconciliation by the receiving fund.
SuperStream simplifies the super contribution experience by providing a consistent, reliable electronic standard for super transactions. Standardisation reduces cost and effort while eliminating unnecessary variations in the way contributions are made.
EmployerTICK supports SuperStream by enabling employers to validate employee details prior to making the first contribution to a super fund. The identity details held by the employer are verified against data held on the ATO client register.
This improves the current employer experience by wherever possible correcting the tax file number (TFN) for the employee before the contribution is sent, ensuring the data meets the SuperStream standard.
Use of EmployerTICK is voluntary
Using EmployerTICK to validate an employee’s details is not compulsory. However, using EmployerTICK will give an employer greater confidence in their data and reduce the likelihood of reverse workflow when a super fund receives contributions.