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Date of article: 3 March 2014
Last updated: 3 March 2014

SuperStream electronic messaging

SuperStream & electronic messaging compliance for SMSF

From 1 July 2014, SMSFs will be required to receive employer superannuation contributions that comply with the Government’s SuperStream Data and Payment Standard (the Standard). The Standard is part of the Government’s Stronger Super initiative and introduces a streamlined method of sending superannuation payments and associated information electronically.

How will the standard affect contributions?

Under the Standard, employers will make super contributions electronically. The contribution data is sent electronically in message format to the fund, and the contribution payment is sent electronically through the banking system.

The data message and payment are linked by a payment reference number which enables reconciliation at the receiving fund.

There will be a transition period for employers for compliance with the new Standard. The start date are:

  • Employers with 20 or more employees (medium and large employers) are required to begin on 1 July 2014.
  • Employers with 19 or less employees (small employers) are required to begin on 1 July 2015.

Next steps

No changes will need to be made to the way you operate your SMSF. We will provide to our clients a SuperStream compliant electronic messaging service. Importantly, the service will work with all bank accounts and integrated with our administration software.

 

Do you need help with your situation or if you wish to discuss the above, please contact us. Our contact details.