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SuperStream deadline for SMSF employer contributions and rollovers

peterhetherington_img1-1
Published by:
Peter Hetherington
Published on:
August 10, 2021
Last modified:
August 6, 2021
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
SuperStream Deadline for SMSFs

From 1 October 2021, SMSF trustees will be required to use SuperStream to receive employer contributions and roll over any super to or from their SMSF.

SuperStream is a data and payment standard used for digital transactions within the super industry.

Many SMSFs already use SuperStream for contributions, however from next month it will be compulsory for all SMSFs.

Among SuperStream’s benefits are:

  • more timely and reliable flow of payments and information about contributions, rollovers, and certain release authorities (e.g. first home super saver scheme)
  • an electronic record to support your accounting and tax obligations (including your SMSF annual return)
  • fewer data and payment errors.

Next steps

According to the Australian Taxation Office (ATO), which regulates SMSFs, to use SuperStream you’ll need:

  • an electronic service address (ESA) — a special internet address that helps SuperStream transactions get to the right destination
  • an Australian business number (ABN)
  • to ensure your SMSF details are up to date, including your SMSF’s bank account.

The ATO says that, given the digital nature of these transactions, you may want to consider hiring a professional to help you.

If Modoras administers your SMSF, we can register it for SuperStream for free (if you register it through an SMSF messaging provider, they’ll likely charge you a subscription fee).

If you’re not SuperStream-ready

It’s important that you’re SuperStream-ready by 1 October 2021, otherwise:

  • APRA-regulated super funds will be unable to process your rollover request
  • an SMSF-to-SMSF rollover will contravene the trustees’ regulatory obligations.

If you already use SuperStream, the ATO advises you to check with your current ESA provider that it’s still active and, if it is, that your provider offers rollover SuperStream services.

Need help?

Need help getting your SMSF SuperStream-ready before the 1 October 2021 deadline?

Our accountants can help you with the SuperStream registration process or can simply give advice.

Contact us to schedule a complimentary consult at info@modoras.com or 1300 888 803.

 

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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