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
- As the Trustee of the Fund, you can use Click Super to register for free. It is easy to register; or
- If your Fund has a Macquarie CMA bank account then there is no need to register for SuperStream as it will be automatically registered. Macquarie’s electronic service address (ESA) is MACQUARIESMSF. If your employer request for a form to confirm the ESA, please download from here;
- BGL also offer a service for ESA but this will cost $50 p.a. The ESA for BGL is AUSPOSTSMSF.
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. MACQUARIESMSF.
- ABN of the SMSF (also referred to as an USI or Unique Superannuation Identifier)
- Bank account details such as the BSB and Bank Account Number
From 1 October 2021, SMSFs would need to use the SuperStream Rollover v3 to rollover Member Benefits to or from their SMSF. The SMSF Trustees needs to be mindful when actioning any of the following:
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.