Are you ready for SuperStream?
Now is the time for self-managed super fund trustees to ensure they are SuperStream ready.
From 1 July 2015, employers with 19 or fewer employees will start sending SuperStream contributions electronically to all super funds, including SMSFs. Employers with 20 or more employers are already using SuperStream, although they have until 30 June 2015 to finalise their implementation.
All SMSF trustees must be able to receive super contribution payments and information sent using SuperStream when their employer starts using SuperStream. To be able to do this, each SMSF member will need to provide the SMSF’s ABN, bank account and electronic service address (ESA) to their employer.
If you haven’t finalised your SuperStream preparations, there are some things you need to do.
Obtain an ESA – SMSF trustees need an ESA to receive contribution information electronically. You can obtain an ESA from a SMSF message provider or you already have access to an ESA through your SMSF administrator, tax agent, accountant or bank. If trustees choose to engage a SMSF message provider directly you will need to register your SMSF with the provider – a small fee may be payable for this service, although free options are available.
A list of registered SMSF message providers is available at ato.gov.au/superstream.
Provide bank account details – SMSFs need to have nominated a fund bank account to receive employer contribution payments electronically. The introduction of SuperStream means no more cheques sent to your fund.
Obtain an ABN – If your SMSF does not have an ABN you will need to obtain one to receive employer contributions using SuperStream. Apply for an ABN at abr.gov.auExternal Link.
Once you have all of this information, each member of your SMSF will need to provide it to their employer. You should contact your employer about when they plan to make their first SuperStream contribution and make sure you provide your SMSF’s ABN, ESA and bank account details at least 30 days beforehand.
If your employer doesn’t have this information by the time they make their first SuperStream payment, your employer won’t be able to send the contribution to your SMSF and your SMSF won’t meet its super obligations.
If you’d like more information go to What you need to know for SMSFs. You’ll find frequently asked questions for SMSFs and scenarios illustrating how to meet the SuperStream standard.
From 1 July 2015, employers with 19 or fewer employees will start sending SuperStream contributions electronically to all super funds, including SMSFs.