SuperStream is a Government reform that standardises how employers contribute superannuation for their employees. The new SuperStream rules require employers to contribute electronically (instead of by cheque etc.) and submit information electronically using specific rules (exceptions apply).
SMSFs must generally be able to receive employer contributions and associated data electronically in relation to a member, using the new standard. A member’s employer will require the following fund details:
- the SMSF’s ABN;
- the SMSF’s bank account details. Hence, your fund cannot comply with SuperStream unless it has a bank account; and
- an electronic service address for your SMSF to receive information from a member’s employer about contributions made.
What is an ‘electronic service address’?
An electronic service address provides a secure means for an employer to provide the contributions information to your fund. An employer will send the following details to your electronic service address:
- employer details;
- employee details;
- contribution type;
- amount; and
- payment details.
TIP – SuperStream will not affect all SMSFs
SuperStream will not impact on your SMSF if:
- your fund does not receive any contributions (e.g., because all SMSF members are retired);
- your fund only receives non-concessional contributions (e.g., personal, after-tax contributions); or
- the only employer contributions received are made by a related party employer.
Additionally, SuperStream does not apply to rollovers to or from an SMSF.