SuperStream is a government reform aimed at improving the efficiency of the superannuation system. New data standards which are part of the SuperStream reform require superannuation funds to accept employer contributions and other information from employers electronically. These new data standards apply to ALL superannuation funds, including SMSFs.
For more information on SuperStream, please click here to visit the ATO’s website.
Starting 1 July 2014**, SMSFs will be able to accept employer contributions on behalf of members in a manner that complies with the new SuperStream Data and Payment Standard^. To operate under the new standard, Trustees of an SMSF that receives employer contributions## will need an Electronic Service Address (ESA) and software to manage the SuperStream message data. Fund Members will need to provide their fund's ABN, bank account and ESA to their employer.
SMSFflow will support the receipt of SuperStream information automatically from your employer, providing you with a simple, efficient and FREE solution to the new standards. To find out more about SMSFflow powered by SuperMate™ click on any of the options on this page.
** Employers with at least 20 employees will be required to meet new data standards for superannuation contributions made on behalf of employees from 1 July 2014. Employers with fewer than 20 employees have until 1 July 2015 to comply. ^ The Federal Government has recently announced all superannuation funds will have until 1 July 2015 to comply with the new standard. ## Related employers contributing to an SMSF are not required to comply with the new standards.