What is SuperStream and what does it mean for me?
SuperStream is a government reform aimed at improving the efficiencies in the superannuation system. Under SuperStream, employers must make super contributions 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 use SuperStream 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.
All SMSF trustees need to determine when employers intend to start implementing SuperStream.
It is important to note that contributions sent to an SMSF from a related-party employer are exempt from the SuperStream system and can continue to be made using existing processes.
At LBW Chartered Accountants, we will be helping SMSF trustees implement SuperStream:
You will receive a letter to provide to your employer by 31st May 2014 stating your SMSF’s:
- BSB and Account Number; and
- An electronic service address for receipt of a contribution data message.
LBW Chartered Accountants current SMSF software will be compliant with the SuperStream data requirements, and the electronic data functions and service address will be facilitated though Australia Post via our super software.
If you do not wish to have us instruct our software provider to obtain a SuperStream electronic service address and data messaging functionality for your fund, then please advise us as soon as possible so that we can direct you to other providers.
Once the SuperStream system is bedded down it is expected that the ongoing efficiencies it generates will outweigh the costs.