Is your self managed super fund SuperStream ready?
From 31st October 2015, employers with 20 or more employees need to comply with SuperStream standards. This means employers will have to process employee contributions via electronic payment. The exception to this is where a contribution is being made by an employer that is a related party to the self managed superannuation fund (SMSF).
This means if you have a SMSF, you need to make sure that your fund is able to receive payments from your employer under the SuperStream standards.
Employers with 19 or fewer employees have until 30th June 2016 to ensure they get SuperStream ready.
However, your employer may already be Superstream compliant and be able to process contributions electronically – it’s up to you to make sure your fund is able to receive them!
What do I need to do to get my self managed super fund SuperStream ready?
- Your SMSF bank account must be able to receive electronic contribution payments
- Your Super Fund needs to obtain an electronic service delivery address (ESA) so that it can receive a contribution message electronically with information about contributions in the complying SuperSteam format
It is the responsibility of the SMSF trustee to ensure their employer has the required information to comply with its SuperStream obligations.
If you are unsure of what your fund needs to do or need help with obtaining your ESA, we can provide you with the relevant information to pass on to your employer.
Luke Szczepanik CPA, is a Superannuation Accountant and Taxation Consultant with over 13 years experience.
Luke can be contacted on T: 03 5221 7655 or E: firstname.lastname@example.org