In this guide
Since 1 October 2021 self-managed super funds (SMSFs) must use the SuperStream standard for rollovers into and out of their funds, along with employer contributions into SMSFs. It may seem like just another administrative task for the new SMSF trustee to add to the list, but once the initial set up is complete, it should save loads of time over the long term.
What is SuperStream?
SuperStream is a data and payment standard introduced in 2014 for super funds. It was designed to make it easier for funds to collect employee super guarantee (SG) payments from employers. Prior to its introduction, some employers were still making SG contributions for employers via cheques in the mail. Not only could these cheques get lost, but super funds reported they sometimes had difficulty matching the cheque to a member, as little explanatory information came with the contribution.
In implementing it for SMSFs, the ATO said SuperStream would provide a more timely and reliable flow of payments and information about contributions, rollovers and certain release authorities.
It also provides funds with an electronic record to support accounting and tax obligations (including the SMSF annual return) and it should result in fewer data and payment errors.
An SMSF needs an electronic service address (ESA) to receive SuperStream data from employers and other funds.
