Self-managed super funds

Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically using the SuperStream standard.

From 1 October 2021, you can only rollover into or out of your SMSF using SuperStream. Also, certain release authorities may be processed in SuperStream (see SuperStream rollovers and release authorities for SMSFs).

SuperStream offers the following benefits for SMSFs:

• more timely and reliable flow of payments and information about contributions, rollovers, and certain release authorities
• an electronic record to support your accounting and tax obligations (including your SMSF annual return)
• fewer data and payment errors.

Next steps:

For SuperStream, you will need:

• an electronic service address (ESA) – you can get an ESA from an SMSF messaging provider
• an Australian business number (ABN), and
• to ensure your SMSF's details held by the ATO are up to date, including your SMSF's unique bank account.

Exemptions

If you are employed by your family business and your super guarantee contributions go to your SMSF, these related-party employer contributions are exempt from the SuperStream standard.

SuperStream doesn't apply to personal contributions made to your SMSF by its members.

Non-complying SMSFs do not need to use SuperStream when completing a rollover to another super fund. In this case, your fund must provide a rollover benefit statement to the receiving fund. See Rollover benefits statement and Death benefit rollover statement information and instructions for transactions from 1 July 2017).

See also:

• SMSF SuperStream FAQs
• Examples – SMSFs and SuperStream
• SuperStream compliance statement – employers and SMSFs
• SuperStream rollovers and release authorities for SMSFs