Quick Guide: SuperStream and SMSFs

What is SuperStream?

 

SuperStream is a system administered by the Australian Taxation Office (ATO) that require electronic transmission of superannuation monies and data. It makes the collection of contributions, rollover of benefits and other superannuation payments more efficient by standardising the way in which payments are made and data is communicated.

 

Examples of transactions occurring via SuperStream include:

 

• Employer Contributions

• Rollovers between Funds

• Excess Contribution Elections

• Division 293 Elections

 

To comply with SuperStream requirements, your SMSF needs an Electronic Service Address (ESA). This is usually obtained via your SMSF Administrator within the software used to account for your SMSF. For example, the ESA for BGL is BGLSF360.

 

The SuperStream system verifies data for transactions occurring, so it is important that details like the SMSF ABN, Bank Account and Member Date of Birth and Tax File Number are recorded correctly and consistently in the SMSF administration system, with the ATO (both SMSF and Personal) and other superannuation funds to avoid validation issues and delays in processing.

 

Key Tip:

Check with your SMSF Administrator before you start the process to rollover your benefits to make sure your SMSF has an ESA and all the necessary details are recorded in the software used to account for your SMSF and with the ATO.