Is your SMSF SuperStream ready?
Posted by Northadvisory on September 20, 2016
All self-managed super funds (SMSFs) now need to be able to receive SuperStream-compliant contributions. To do this, you will need to provide the following details to your employer.
• SMSF Australian business number (ABN)
• SMSF bank account details to receive the contributions
• an active electronic service address (ESA) to receive the data associated with the contributions.
If this information is not provided to your employer they may direct your contributions made on your behalf to the employer default fund.
You need to check with your electronic service address provider that your address is active before you give it to your employer. You should only use an electronic service address where you have permission to do so from your provider. If your SMSF’s electronic service address isn’t active, your super contributions may not reach your SMSF.
If your SMSF doesn’t have an active electronic service address, you can obtain one from an SMSF messaging provider. You may also obtain one through your SMSF administrator, tax agent, accountant or bank.
As specialists in the SMSF area we are able to offer Electronic Service Addresses at a discounted rate.
SuperStream is a government initiative designed to streamline your super payments. This means your employer will need to send the right amount of super into your fund at the right time.
If you have any questions on SuperStream please feel free to contact;
SMSF Specialist Advisor
T: 02 9984 7774
Martin van der Saag
T: 02 9984 777
Read more Superannuation articles.