Question 8 – Is your SMSF 'SuperStream' ready?

Question 8 – Is your SMSF 'SuperStream' ready?

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.

SMSF SuperStream rollovers and release authorities

From 1 October 2021, it is compulsory for your SMSF to use SuperStream to action a rollover to or from your fund. This is compulsory for all SMSFs.

As an SMSF trustee, you will need to ensure that you action all of the following so that you will be able to process a rollover:

  1. Your SMSF must have an electronic service address that can action and process rollover requests. This may be different to the electronic service address which you are using for the receipt of employer contributions.
  2. Your SMSF fund details and members’ details must all be up to date with the ATO.
  3. Your SMSF must have a unique bank account for superannuation purposes recorded with the ATO. If your SMSF has recorded a tax agent’s bank account for tax refund purposes, it is still possible to retain this arrangement with the ATO. However, your SMSF will be required to record a second bank account with the ATO that is unique to your fund, to be able to rollover money from 1 October 2021.

From 1 October 2021, all SMSFs that have an electronic service address that is rollover enabled, will also automatically get some release authorities electronically to ensure a quicker release of money. These include, although are not limited to, release authorities that relate to excess concessional and non-concessional contributions as well as those relating to Division 293 assessments.

For more information, including a register of SMSF ESA providers, click here

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);
  • if your fund only receives non-concessional contributions (e.g., personal, after-tax contributions); or
  • if the only employer contributions received are made by a related party employer; or
  • unless you have to action a rollover to or from your fund.