SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Once this is implemented, all SMSF’s must receive employer contributions electronically in accordance with the SuperStream standard.
Implementation date for SuperStream
From 1 July 2014:
- Employers with 20 or more employees must use SuperStream to make employer contributions to all SMSF’s
- Employers with 19 or fewer employees will also be required to use SuperStream to make contributions to all SMSF’s
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
- Few data and payment errors
- Improve data matching and reducing the impact of Loss Member Super Accounts
How to register for SuperStream
There are few options for you to register for SuperStream:
- As the Trustee of the Fund, you can use SMSF dataflow to register for free. It is easy to register, and most Fund will use this; 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. The 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
- ABN of the SMSF (also referred to as an USI or unique superannuation identifier)
- Bank account details such as BSB and Bank account number
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.
SuperStream implementation timeline