The Australian Taxation Office (ATO) is encouraging SMSF trustees to make their funds SuperStream complaint as soon as possible even though the start date for the new contributions regime has been pushed back to 3 November.
“SMSF trustees should talk to their employer about when they are planning to send contributions using SuperStream to ensure they have all their details at least 60 days before the planned start date,” ATO data standards and e-commerce national program manager Philip Hind said.
“Trustees will need to provide their employer with three key pieces of information: the ABN (Australian business number) of their fund, an electronic service address (the destination for the contribution message) and up-to-date bank details for the payment.
“You can get an electronic service address from an SMSF messaging provider to receive contribution remittance information. It is important to note that signing up a service provider only takes a matter of minutes and is a once-off event.
“Typically these services are available at low or no cost and you can usually choose how you access this information.”
Hind said the new regulations would benefit SMSF trustees due to a number of administrative efficiencies they would create.
“Put simply, SuperStream will make the transfer from employer to the SMSF easier and quicker, while ensuring consistent information and electronic payments,” he said.
“The changes mean SMSFs get paid directly to their accounts in the most timely manner possible and real-time remittance information allows trustees to detect any errors or adjustments needed straightaway.
“Everybody appreciates the importance of tracking your super contributions today and making sure they are right.
“The long-term benefits for SMSF trustees also include a reduction in paper shuffling, with the availability of an electronic record to help support accounting and tax obligations.”
He said the ATO was taking a supportive and proactive stance to those having trouble complying with the new standard.
“There is flexibility for employers who continue to pay contributions with existing processes until they fully implement SuperStream. At this stage the ATO is emphasising education and support for employers and the SMSF industry during the introduction of SuperStream,” he said.
Employers with 20 or more employees need to be SuperStream compliant by 30 June 2015, while employers with 19 staff or fewer are required to be SuperStream ready by 30 June 2016.
“However SMSF trustees should not delay in getting ready,” Hind said.
