From 1 July 2014, Self-Managed Super Funds (SMSFs) are required to receive electronic messages and payments associated with employer contributions using the SuperStream data and payment standards.
SuperStream is a set of standards mandated by the Government that sets out electronic data formats for all contributions. You can read more about the standards on the ATO Website.
If you are a SMSF trustee, you need to obtain an electronic service address (ESA) from a service provider and provide this ESA to your employer to be able to receive employer contribution messages sent using SuperStream data and payment standards. If you don’t provide your employer with an ESA then they must send your contributions to the default fund of the employer. This means that if you don’t comply with the new regulations, you could end up enrolled in another superannuation fund and be required to rollover your contributions back to your SMSF.
The SMSF ESA service allows a SMSF Trustee to register to receive contribution data in the new SuperStream standard formats, to be compliant with the new regulations which came into effect on July 1, 2014.
The SMSF ESA Service will allow a SMSF Trustee to:
Any one of the trustees of the SMSF may sign up to the service by clicking here or the "Sign up now!" button at the top of this page. You will need the ABN of your SMSF and your contact details.
No, only one trustee/member needs to register the SMSF. Once you register all of the members/trustees can provide the same Electronic Service Address to their respective employers to enable contributions to be received.
The service is free to the SMSF Trustee for the period until June 30, 2016 as it is uncertain when all employers will commence using the SuperStream payment standard. During this time the Trustee is free to cancel or change to a different SuperStream ESA provider at any time. An invitation to continue to use the SuperChoice SMSF ESA, including a service fee will be issued prior to June 30, 2016.
The service is available now for SMSF Trustees to register. We will forward all contribution data to you, as and when it is received from your employer(s).
SuperChoice is a Superannuation e-Commerce company. We are Australia’s leading provider of cloud-based superannuation contribution management and clearinghouse software-as-a-service. Our software is used by a range of intermediaries, including superannuation funds, payroll companies, banks and Australia Post to enable over 160,000 employers to enrol their employees and remit contributions to their chosen superannuation fund. This service now processes approximately 27 million contribution payments on behalf of around 3 million employees in Australia and the UK.
SuperChoice's Superannuation e-Commerce platform also offers superannuation funds and SMSFs Rollover and Contribution SuperStream Gateway and Electronic Service Address (ESA) services enabling them to be SuperStream compliant.