SuperStream was implemented in 2014 and is designed to report and pay superannuation contribution electronically. It helps to improve the superannuation system by making transaction processing more efficient. With SuperStream, employers pay super contributions electronically and report contribution electronically.
The reporting mechanism is generally referred to as an Electronic Service Address or ESA code.
There are a number of potential benefits for SMSF’s including:
- Providing a more timely and reliable flow of contribution payments and data
- Improving electronic record keeping for tax and audit purposes
- Fewer data and payment errors
- Improve data matching and reducing the impact of Lost Member Super Accounts
How to register for SuperStream
From 1 October 2021, benefit rollovers within superannuation environment requires an ESA. As an SMSF can only have one ESA at a time, this brings some changes to our clients as follows:
- Previously, the Funds we set up with a Macquarie CMA bank account have the ESA named MACQUARIESMSF. There is no action required if the Funds only continue receiving employer contributions, but do not wish to send or receive any rollovers. The reason is that the Macquarie bank doesn’t accommodate the benefits rollovers. However, if you wish to make or receive a rollover, as the Trustee of the Fund, you can easily register the ESA with Click Super. The annual service fee is as small as $44. Once you register, wrkrSMSF is your SMSF’s new ESA.
- For SMSFs that don’t have an ESA, please register with Click Super.
Please click the button below to register for Click Super
Once the Fund is registered for SuperStream, you will need to provide the following information to your employer:
- The SMSF name
- Superstream Code e.g. wrkrSMSF
- ABN of the SMSF (also referred to as an USI or Unique Superannuation Identifier)
- SMSF Bank account details
1. Rollovers into SMSF
- Trustee can use the SMSF verification service to verify the SMSF details before rolling benefits into SMSF
2. Rollovers out of SMSF
- Before processing rollovers out of an SMSF, Trustees must use the SMSF Member TFN identity Check Service (SMSFmemberTICK) to validate the impacted Member TFN
- If rolling to an APRA regulated Fund, the Trustee will need to use the Fund Validation Service (FVS) to obtain APRA Fund details such as their bank account
3. Release authorities for:
- Concessional and non-concessional contribution caps
- Deferred and non-deferred Division 293 payments
- First home super saver (FHSS) scheme money for first home purchases.
For more information regarding SuperStream Rollover v3 on ATO website, please see here.
Compliance of a “related” business (i.e family business)
Regulation 7.07F of the Superannuation Industry (Supervision) Regulation 1994 (SIS Reg) provides an exemption to comply with the data and payment standard where an SMSF and the employer are related parties.