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Date of article: 2 May 2014
Last updated: 27 May 2015

Update on SuperStream electronic messaging

** Update on implementation: The Government announced 26 May 2014 that the implement of the SuperStream contributions data standards will be delayed. Superannuation funds will have up to 1 July 2015 to meet the new standards. MC 49/14 26 May 2014. **

SMSF with members who are employed by a medium or large employer (20 or more employees) are required to be SuperStream ready from 1 July 2015 to ensure that employer contributions can be received by the SMSF. Members are required to notify of their SMSF's Electronic Service Address (ESA).

What is SuperStream data and payment standard

The SuperStream standard is a Government initiative that introduces a streamline method of sending superannuation payments and associated contribution information electronically. The aim is to improve efficiency of the Superannuation system.

Under SuperStream, employers are required to make superannuation contributions payments electronically and report superannuation contributions payment details electronically in accordance with the standard.

Does a superannuation fund need to receive contributions payment details electronically

All superannuation funds, including SMSFs, that receives employer contributions must receive contributions payment details electronically.

How can my SMSF receive contributions payment details electronically

You will need a service provider that can receive the data electronically on your behalf. When you subscribe to a service provider, you will be provided with an Electronic Service Address which will allow the contribution messages to be received electronically. You will need to provide the Electronic Service Address to your employer.

When does the data and payment standard commence

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

  • 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.

From 1 July 2015, employers with 19 or fewer employees will also be required to send contributions data and payment electronically.

What is I do not provide my employer with the necessary information

If you do not provide your employer with the necessary information (i.e. SMSF’s ABN, electronic service address, and SMSF’s bank account details), your employer will not be able to make contributions in accordance with the standard. If this occur, your employer may make contributions to their default fund to ensure that they comply with their superannuation guarantee obligations.

SMSF administered by Superannuation Accounting Services are SuperStream ready and compliant

The SMSFs administered by Superannuation Accounting Services are now SuperStream ready and compliant. Any new SMSF that are established by us or existing SMSF that are transferred to us will also be SuperStream ready.

 

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