SuperStream Changes

Recent changes to superannuation legislation, called Superstream, effects all employers and superannuation fund trustees. From 1 July 2014, employers with 20 or more employees are required to send contributions electronically to all superannuation funds, including self-managed superannuation funds. For employers with less than 20 employees, the new legislation starts on 1 July 2015.

If you are an SMSF trustee, you will be required to receive the contribution information and payments electronically from these dates. To be able to do this, each member of your SMSF will need to provide the ABN, bank accounts and electronic service address of their SMSF to their employer by 31 May 2014 (or 31 May 2015 if their employer has fewer than 20 employees)

Each SMSF that has members who are employed, will need to obtain an electronic service address. You can obtain this from a service provider such as an administrator, e-commerce gateway or other message delivery service. A small fee may be required to establish and maintain this service. A list of registered service providers is available at www.ato.gov.au/Superstream.

Employers will need to work with their payroll software provider to ensure that the software can meet the standards required under the SuperStream legislation.