Is your SMSF ready for Super Stream ?

Tuesday, 20 May 2014   

Super Stream is a government reform aimed at improving the efficiency of the superannuation system. Under Super Stream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the Super Stream standard. All superannuation funds, including SMSFs, must receive contributions electronically in accordance with this standard.

From 1 July 2014:

  • employers with 20 or more employees will start using the Super Stream standard to send contribution data and payments electronically
  • all super funds (including SMSFs) must receive any employer contributions sent to their fund in accordance with the Super Stream standard.

From 1 July 2015, employers with 19 or fewer employees will also be required to send contributions data and payment electronically. However, some may choose to implement Super Stream sooner.

You should check when your employer will start implementing Super Stream.

We will be focusing on supporting SMSFs during the introduction of Super Stream.

Contributions sent to an SMSF from a related-party employer are exempt from Super Stream and can be made using existing processes.

What you need to provide your Employer with  by 31 May 2104

1. Superfund Name

2. ABN

3. Electronic Service Address

4. Superfund Bank details - BSB and Account Number.

 

How do I get an Electronic Service Address ?

These are available through Australia Post and notify your employer of all appropriate details.

 

Butlers Accountants can handle the entire process and registration  for you through our Superannuation Software Provider BGL for an annual fee of $165 inc GST.

Click Here if you would like Butlers to Manage this on your behalf.

Meeting your obligations

There are a range of options for meeting your Super Stream obligations. Each option involves providing 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.

If you work for an employer with 20 or more employees, you will need to update your details with your employer by 31 May 2014. Alternatively, you can check with your employer to confirm which date best aligns with their implementation plan for Super Stream.