What SuperStream means for Self Managed Super Funds
From 1 July 2014, superannuation funds receiving contributions for members whose employers have 20 or more employees will need to be ready to receive electronic contribution payments and information under the SuperStream standard. Superannuation funds receiving contributions for members whose employers have less than 20 employees will need to be ready to receive electronic contribution payments and information from 1 July 2015 or earlier if the members employer begins using SuperStream earlier. Please note that the SuperStream standard does not apply to contributions on behalf of related employees.
It is also intended that superannuation rollovers will also need to be conducted using SuperStream from 1 January 2015, however, the regulations to implement this change have not yet been enacted.
To receive contributions information, superannuation funds will require an electronic service address. We have been working with our software provider to ensure that PPT administered SMSF’s have an electronic service address, which will need to be provided to employers to enable them to make electronic contributions to the fund, and it is important that super fund trustees do not try to engage an electronic service provider independently.
SMSF trustees may be asked by employers to provide information to enable the employer to make contributions to the fund (Fund Name, ABN, Electronic Service Address and Bank Account Details).
Please contact PPT on (03) 5331 3711 if we can be of any assistance in implementing the new superannuation standards.
