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Important changes for employers contributing to SMSFs from 1 July 2014

The Australian Taxation Office has recently implemented changes to the reporting of employer super contributions which will affect you as an employer making contributions to a Self Managed Superannuation Fund (SMSF) on behalf of an employee.  This new reform is known as SuperStream.  

                                                            

Where you employ 20 or more employees, and make contributions to a SMSF on behalf of an arm's length employee, you need to have been provided with the relevant fund information by 31 May 2014, as the changes are due to take effect on 1 July 2014. 

 

Where you employ less than 20 employees, you have until 1 July 2015 before the changes will be implemented.

 

What is SuperStream?

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.  Under SuperStream, arms length employers must report superannuation contributions on behalf of their employees by submitting data and payment details electronically in accordance with the SuperStream standard.

 

What do I need to do to meet my SuperStream obligations?

All superannuation funds, including SMSFs, must receive contribution details electronically in accordance with this standard where the employer is not a related party.

 

You as employer will need to be provided with the following information: 

  • Superannuation Fund name
  • Superannuation Fund ABN
  • The Electronic Service Address (ESA) of the Superannuation Fund
  • The Superannuation Fund's Bank BSB and Account Number 

You need to ensure you have these details prior to the relevant start date.

 

Should you require any further information on SuperStream, please do not hesitate to contact us.

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