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Client Alert - SuperStream and Self Managed Superannuation Funds (SMSFs)

SuperStream is a government reform aimed at improving the efficiency of the superannuation system. 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 20 or more employees will start using the SuperStream 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 SuperStream 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 SuperStream sooner. 
 

Exemptions

SuperStream will not apply to the following type of SMSF's:
- if your SMSF is entirely in pension phase and not receiving employer contributions
- if your SMSF is only receiving employer contributions from related employers
- if your SMSF is only receiving member contributions
- if your SMSF is only receiving member contributions and rollovers and transfers from other SMSF's. 
Please note: Rollovers from retail funds are not covered by the above exemption.

Meeting your obligations

If SuperStream applies to your SMSF you need to do the following (by 31st May 2014):

 - Provide your employer with your  SMSF's Australian Business Number (ABN)
 - Ensure your SMSF has a deposit account that can accept electronic fund transfer payments (generally if the account has a BSB and account number it will be able to receive payments by electronic funds transfer).  You will need to provide your employer with these details.
 - Ensure that your SMSF has an electronic service address. This address is necessary in order to receive information about the contribution or benefit transfer/rollover.  You do not have to establish your own electronic service address. You may hire such an address from an approved provider, and will be charged a fee. This is something that Thorntons Business Advisors can arrange for you. The fee currently being charged for this service is $25 for a 12 month subscription (based on registrations completed by 31st May 2014).

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.

Please contact our team if:
 - you are unsure whether SuperStream applies to you
 - you would like us to register your SMSF with an electronic address service provider
 - you have any other questions


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