Tag Archive: superstream

  1. SuperStream rollovers and release authorities

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    SuperStream is the electronic system used to transfer data to super funds and is used to process employer contributions and for rollovers between super funds. It can also be used for certain ATO release authorities. The idea behind SuperStream rollovers and release authorities is to make the processing faster, more efficient and with fewer errors.

    For the SMSF to be SuperStream ready, it needs:

    • An electronic Service address (ESA)
    • An Australian Business Number (ABN)
    • To ensure that its details are up to date with the tax office, including the SMSF’s bank account.

    The super fund paying the rollover also needs to ensure that the receiving super fund has complying or regulated status with the tax office, and that it has received the Tax File Number of the relevant member. Whilst the paying fund has three days to process a payment from when a rollover request is received, incomplete information will cause delays. Note that we are finding that many retail funds are requesting certified copies of bank statements.

    More information about this change can be found at the tax office’s Super Stream for Self-managed Super funds or their SMSF SuperStream FAQ.

    Please do not hesitate to contact us here at Greenlight if you have further questions in relation to the changes.

  2. Government Postpones SuperStream Rollout

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    It’s been one of those regulatory requirements that has been a low priority, if even understood by employer groups.  From 1 July this year, large employer groups (defined by having more than 20 employees) were due to start remitting employer superannuation contributions to SMSFs using the Government’s “SuperStream Data and Payment Standard”.  It is all part of the Government’s Stronger Super initiative and introduces a streamlined method of sending superannuation payments and associated information electronically.

    We and our software providers have been working to this deadline, however the government has just announced a postponement until 1 July 2015.

    Most people will need do nothing at this point, however if an employer wants to contribute to your SMSF in this way and asks you to provide an Electronic Service Address (ESA), call us to discuss, or simply provide them with the attached form (existing clients only).

    If you require any further information about this new regulation or how this may impact on you as an employer or employee, please contact us.