SuperStream is a government reform aimed at improving the efficiency of the superannuation system.
Under SuperStream, employers must report super contributions on behalf of their employees by submitting data and payment details electronically in accordance with the superannuation standard. All superannuation funds, including SMSFs, must receive contribution details electronically in accordance with this standard.
The new rules apply to employers that have 20 or more employees from the 1 July, 2014.
Employers that have less than 20 employees have until 1 July, 2015 to comply with the new regulations.
If your fund does not receive employer contributions, or only receives contributions from an employer who is a related party of the fund, you do not need to register for SuperStream.
If your SMSF receives employer contributions for members, you will need to provide the members’ employer with the following fund information:
•Bank account details where the contributions should be paid, and
•Electronic service Address (ESA).
The above information must be provided to the employer by 31 May, 2014 if the employer is a large employer i.e. more than 20 employees.
Please call me on 1300 366 316 or contact me at SmartChoice SMSF Administrators Pty Ltd if you would like further information regarding SuperStream.