SuperStream and its Impacts for both Self Managed Super Funds and Employers

May 25, 2015 | Personal Wealth, SMSF

Cathy Walley

SuperStream is a new set of measures designed to improve the “behind the scenes” workings of the Superannuation system. This is done by employers sending contributions electronically to their employees’ funds, as well as transmitting this data in a standard format.

As part of this, both Employers and SMSF’s will need to take action to ensure that they are fully compliant with the new system.

For employers, this means that any payroll system that is currently being used must be capable of complying with the SuperStream requirements. This may involve the use of a clearing house in order to allocate the relevant contributions to each Fund. The ATO has developed a free Small Business Superannuation Clearing House, which can be used by any employer with 19 or less employees. For more information surrounding this, please speak to your LBW representative for further information. All employers must SuperStream compliance from 1st July 2015.

For Self Managed Super Fund clients, it is essential that all employers are in possession of the fund’s ABN, bank details and Electronic Service Address (ESA). The ESA is established through our software provider, please feel free to contact either Simon Flowers of Cathy Walley in relation to this, as well as any other queries you may have.

Included below are 2 links which will assist with the process. The first link provides information about the ATO’s Clearing House facility, whilst the second link provides a checklist for all employers to ensure compliance with SuperStream.

ATO Links

Small Business Superannuation Clearing House
Superstream Employer Checklist

Related insights

Federal Budget 2021/2022

Federal Budget 2021/2022

The video features Troy Smith, IOOF Senior Technical and Regulatory Change Manager, and provides clients with a high-level overview of the proposed changes referring them to the Client Summary Fact Sheet for more information. Federal Budget 2021 Fact Sheet...

read more
Federal Budget 2020

Federal Budget 2020

The Treasurer Josh Frydenburg released his 2nd budget as Treasurer on Tuesday night (5 months late) with a mantra on JOBS, JOBS and more JOBS plus business spending which they hope will create even more JOBS.  We have JobKeeper and JobSeeker already – budget...

read more
2020 GBEA Winners

2020 GBEA Winners

READ ALL ABOUT IT! Geelong Indy has a massive 24 pages full of GBEA winners, previous winners and sponsors. Well deserved winner Sea All Dolphin Swims on the front. Grab a copy now or find it online https://geelongindy.com.au/digital-editions/

read more

Subscribe for the latest news + updates

Get in touch to explore your opportunities with an LBW expert and discover your journey to a better financial future.