Legislation has recently been introduced that changes how employer contributions will be paid to your fund. By 30 June 2015, employer contributions will need to be paid and received electronically using SuperStream.
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, are legally obliged to receive contributions and messages electronically in accordance with this standard.
Meeting your obligations
To receive contribution messages electronically, you will need to obtain an electronic service delivery address (which is different to an email address) from an SMSF messaging provider. A list of SMSF messaging providers is available on the ATO website.
To meeting your SuperStream obligations you are required to provide Ministerial and Parliamentary Services (M&PS) with your:
- SMSF's Australian Business Number (ABN)
- SMSF's bank BSB and account number for receipt of contribution payments. The name of the SMSF bank account is not required.
To enable adequate time to prepare, please ensure you provide M&PS with your SMSF’s ABN, bank account details and electronic service address by 15 April 2015 by email to MOPSPay&Conditions@finance.gov.au or fax to 02 6257 3639.
The target date for sending SuperStream contributions is for the pay period commencing 18 June 2015.
For more information about SuperStream and what this means for your SMSF visit the ATO website.
Should you require any further assistance, please contact Ministerial and Parliamentary Services.