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What is Super Stream, SMSF compliance

Key Points:

·         All SMSFs receiving contributions from medium to large employers (more than 20 employees) are required to register by 1 July 2014;

·         All SMSFs receiving contributions from small employers (less than 20 employees) are required to register by 1 July 2015;

·         SuperStream requires employers to pay contributions electronically and to provide an electronic message confirming payment of contributions;
·         We will automatically register your fund and provide the details which you will provide to your employer – you don’t need to register for any other SuperStream service;
·         We will provide SuperStream services to all our clients for free.

What is SuperStream and how does it work?

SuperStream is one initiative within the government’s Stronger Super program. Stronger Super’s aim is to deliver a stronger and more efficient superannuation system. SuperStream is intended to make processing superannuation transactions easier, cheaper and faster through the introduction of new data and payment standards.  The introduction of these standards will result in improved efficiency (particularly the processing of contributions and rollovers by superannuation entities), an easier system for employers to use, fewer lost accounts and more timely flow of money to member accounts.

The SuperStream payment standards require that a superannuation contribution must be electronically paid. For example the contribution must be paid by direct bank transfer or BPAY. Put simply – no more cheque writing.

The SuperStream data standards require that an electronic message is sent to the superannuation fund’s new ‘electronic address’ and that the reference information accompanying the electronic payment must include an ID that matches this message. This new standard will require employers to use a payroll system or service provider that is able to send such a message and that members provide their employers with an ‘electronic service address’ (ESA) to which the message is sent.

SuperStream registration and ongoing usage 

Organisations will offer their services and may offer to register you.  Some organisations may charge you a fee for SuperStream services . In addition, if another organisation registers your fund your current superannuation fund may not receive the electronic SuperStream message from your employer to advise us of the payment of your contribution which may slow down the reconciliation of your fund.

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