What you should know about SuperStream and SMSFs

With the introduction of the government’s SuperStream standards, all super funds, including self-managed super funds (SMSFs), must receive employer contribution data and payments electronically.

SMSF information you need from your employees

You need to collect the following information from employees if you pay into their SMSF:

• The ABN (Australian Business Number) for the SMSF
• The SMSF’s bank account details (BSB and account number) to receive the contributions.
• An electronic service address.

The trustee of a SMSF will need to set up an electronic service address (also known as an alias) for receiving employer contributions.

They can do this by signing up with a service provider. The ATO website has a list of SMSF messaging service providers you can sign up with.

The good news is, it’s quick and you only have to do it once.

If they don’t receive the details so they can send contributions to your employee’s SMSF electronically, you can request that they complete a standard choice form, so you can meet your superannuation guarantee obligations.

If you don’t receive the standard choice form, you can pay their super into your default fund.

Do all SMSFs have to comply with SuperStream requirements?

According to the ATO,“SuperStream is mandatory for all employers making super contributions, APRA-regulated funds, and SMSFs receiving contributions.

SuperStream will not affect your SMSF if it:

• does not receive any employer contributions
• only receives personal contributions made by members
• only receives contributions from related-party employers.”

If you run your own business and pay into your own SMSF, then you are considered a related-party employer.

SuperStream, SMSFs and MYOB

The latest release of AccountRight lets you easily make super contributions, including contributions to SMSFs, straight from your software.

Sign up from the Payroll area of your software to get started – it’s included in your subscription.

If you have a subscription or cover agreement for MYOB Essentials, AccountEdge or the classic AccountRight on a desktop, you’ll have access to a SuperStream compliant service with your compliance release.

Find out more or take the first step towards being compliant by registering your business details with MYOB today. 

Subscribing or upgrading your MYOB software will ensure your business is always compliant with tax changes, including the government’s new SuperStream system for paying super contributions.