The date for SMSFs to be able to receive contributions electronically from employers with 20 or more staff members under the new SuperStream rules has been pushed back.
Originally, SMSFs had to be SuperStream compliant by 1 July of this year, but the requirement now will not come into effect until 3 November.
At that date, SMSFs will have to have a bank account that can receive electronic payments and the ability to receive electronic contribution information.
In order to adhere to the new rules, SMSFs will have to provide employers with the fund’s Australian business number, bank account name and number, and the electronic service address for receiving information about the contributions.
While the compliance time frame had been pushed out slightly, DBA Lawyers director Dan Butler said SMSFs should not be complacent.
“It’s probably still best to get your compliance ready for a 1 July start date for SMSFs,” Butler said.
In regard to the SuperStream preparation process, he noted some funds did not really need to go through with it.
“If you have an SMSF that doesn’t receive any employer contributions, there is no need to be SuperStream ready,” he said.
“If you do receive an employer contribution from a related party, you don’t need to be SuperStream ready.
“Theoretically you do because the draft legislation says you have to be ready to receive electronic contributions.
“But if you’re not going to receive anything from anyone that requires SuperStream capabilities, then why should you be ready?”
