What is SuperStream?
SuperStream is a government reform aimed at improving efficiency of the superannuation system.
Under this system, SMSFs must be able to receive contribution payments and contribution data electronically.
What’s needed to integrate SuperStream with the SMSF?
To meet these obligations, members of an SMSF should provide their employers with:
- SMSF’s ABN
- SMSF’s bank account details (BSB and Account number)
- SMSF’s ESA (Electronic Service Address) for receipt of contribution data messages
How is an ESA obtained?
ESA’s are quick and easy to obtain – and can be obtained for free. The ATO provides a register of SMSF Message Service Providers. It is also worth checking with your SMSF’s bank/investment service provider as they may have an ESA for your Fund.
Are all employers already using SuperStream?
SMSF members should speak with their employers as to when they are likely to adopt SuperStream and therefore when they should provide their fund’s ESA to their employer.
Employers with 20 or more employees must comply with SuperStream by 30 June 2015 (This deadline has been extended to 31 October 2015). Employers with 19 or fewer employees must comply with SuperStream by 30 June 2016. All employers may choose to implement SuperStream sooner.
What if a person is self-employed?
Contributions sent to an SMSF from a related-party employer are exempt from implementing SuperStream.