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.