How SuperStream may affect Self-Managed Superannuation Funds

If you have a Self-Managed Superannuation Fund, and any members of that fund are employed by an employer with over 20 employees, and the fund is receiving contributions from the employer for that member, there are new rules you must comply with from 1 July 2014. 

The new rules include:

  • 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.

These rules will apply to ALL Funds receiving employer contributions from 1 July 2015.

Meeting your obligations

There are a range of options for meeting your SuperStream 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.

BBA Accountants and Advisors are currently investigating providers of electronic service addresses to find a reliable and cost effective solution for our SMSF clients. Give us a call if you need to be referred to a provider for registration before 1 July 2014.  Note that many providers are offering incentives to register before 1 May 2014.

For more information, visit the ATO website here