Is your SMSF SuperStream Ready?
What is SuperStream standard?
The Superstream standard is part of the government’s Super Reform package. It will provide a consistent, reliable electric method of transacting linked data and payments for superannuation. The goal is to improve the efficiency of the superannuation system, to improve the timeliness of processing of rollover and contributions, and reduce the number of lost accounts and unclaimed monies.
The main purpose of Superstream is to ensure employer contributions are paid in a consistent, timely and efficient manner to a member’s account.
Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contributions electronically in accordance with this standard.
From 1 July 2014, employers with more than 20 employees are required to comply with the SuperStream standard. If your employer has 19 or fewer employees, their SuperStream obligations start from 1 July 2015. You should check when your employer when they will start implementing SuperStream. Contributions sent to an SMSF from a related-party employer are exempt from SuperStream and can be made using existing processes.
What are the obligations?
You must provide your employer with;
- Your SMSF’s Australian Business Number (ABN)
- Your SMSF’s bank account for receipt of contribution payments (BSB and account number)
- An electronic service address for receipt of a contribution data message
Where can I obtain electronic service address?
SMSF messaging providers will provide you with an electronic service address that can be provided to your employer.
A listing of SMSF messaging providers is available here
How Superhelp can Help
If you have any questions in relation to your SMSF, please call us for more information on 1300 736 453.
The information contained in the article may not be appropriate to your individual needs therefore you should seek personal financial advice before making any financial or investment decisions.
Book Your Free SMSF Consultation
Book your free consultation with me to find out if SMSF is right for you. If you have any other questions, we are happy to help!
Why is SMSF Set up so affordable at SuperHelp?
SuperHelp has been servicing the SMSF market for over 15 years. We pride ourselves on being able to provide an affordable SMSF service without compromising on quality. One of these services is to provide new members with setting up their SMSF at an affordable fee when they use our award winning service.
Do I need to use a specific bank, broker or provider?
Unlike other SMSF administrators and accountants we do not restrict you to what bank, broker or service provider you use. We are independent and do not take any commissions from other parties so that our clients can invest their super where they please.
How long has SuperHelp been around for?
SuperHelp have been around since 2002 - so over 15 years! While new SMSF administrators have come and gone, we are still around!
Do you offer any other SMSF services?
Yes we do! You can see a full list of SMSF services on our services page.
SuperHelp is located in Macquarie Park, NSW however we work with clients all around Australia.