The Federal government announced that the date by which superannuation funds must comply with the SuperStream contributions data standards has been pushed back to 1 July 2015.
The ATO will provide more information to industry through its regular consultative forums in the near future.
Redwood Advisory welcomes the delayed SuperStream compliance date, particularly as many SMSF members are currently preparing for year-end compliance requirements.
Further, the delayed release date will provide more time and greater certainty for employers and SMSF trustees/ members who still need to take action to comply with the SuperStream contribution standards including obtaining an electronic service address through an SMSF messaging provider.
What is SuperStream?
SuperStream refers to the reforms aimed at enhancing the efficiency of superannuation transactions, improving the quality of data including rollovers and contributions.
From 1 July 2014, businesses with 20 or more employees will be required to start making superannuation contributions using SuperStream. Employers with less than 20 employees will need to make contributions under the standard from 1 July 2015.
To comply with the standard, all SMSF’s will need to obtain an Electronic Service Address before 1 July 2014 if they are receiving employer contributions from businesses affected by the change.
What do I do when my employer asks for my SuperStream details?
To be compliant, SMSF members will need to provide your employer with the following SMSF details:
- Australian Business Number (ABN)
- Bank account number
- Electronic service address (ESA) for receipt of contribution data message
For all Redwood Advisory clients, we have registered you with SMSFDATAFLOW. You will receive a notification and will need to accept and add yourself on the system. We have chosen this provider as the service is free of charge.
Ivan Filipovic is a Director of Redwood Advisory. Any questions, please call us on 1300 790 110 or email us at firstname.lastname@example.org