SMSF Trustees – are you SuperStream ready?
What is SuperStream?
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.
By 1 July 2015, if you (or one of other SMSF members) work for a company that has 19 or fewer employees, then your SMSF must be ready to accept super contributions electronically. If you have not yet set up your SMSF for SuperStream, then check with the employers involved to find out what they require from your fund.
If you (or one of other SMSF members) work for a company that has 20 or more employees, then officially your SMSF should have been ready by 3 November 2014.
It is worth noting that it is the employer that should be driving the process, however, there is no issue with being proactive!
At a minimum, the relevant employer(s) will need the following:
- your fund’s Australian Business Number (ABN);
- your SMSF’s bank account details (BSB and account number) for receipt of contribution payments; and
- Electronic service address to receive a contribution data message.
For more tax planning opportunities, please feel free to contact one of our iSUPER® team.