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ATO updates SuperStream register

ATO SuperStream register

The register of SMSF messaging providers allowing users to be either wholly or partially SuperStream ready has been updated.

The ATO has updated the register it is compiling on its website of SMSF messaging providers that automatically give their users an electronic service address allowing them to transact using the SuperStream system.

When selfmanagedsuper reported on the ATO’s initiative to house the list on its website in July, only six service providers were included, being esuperfund, ClickSuper, SMSF Dataflow, SuperMate, Australia Post and BGL.

The current update has added another 10 messaging providers to the list, all of which are capable of accepting contributions via the SuperStream system. However, not all of the organisations listed provide users with a full service nor unfettered access.

To this end, Class Super, Wrkr and The Super Group are new inclusions that all can process contributions, rollovers and release authorities for users, although The Super Group is only offering its platform to existing clients.

Other firms, such as GBST Wealth Management, SuperChoice Services, Westpac QuickSuper SMSF Gateway, Colonial First State Custom Solutions, Macquarie Bank, Mercer Portfolio Service Investment Plan and netwealth, have specified their intention is to only process member contributions, with Australia Post’s ability to process rollovers and release authorities noted as being in progress.

The ATO stipulated in providing the list it is not recommending or condoning any of the service providers on the list.

The regulator also detailed the terms and conditions it was using in providing this list on its website, including the fact it is a public register made up of publicly available information provided on a voluntary basis, and that the organisations on the list are providing a messaging service with the express purpose of allowing regulated superannuation entities to comply with their legal obligations under the Superannuation Industry (Supervision) Regulations.

Further, it pointed out it was not making any guarantees to provide continuously available access to the register or to provide access that is uninterrupted or fault free.

The SuperStream protocols were applied to SMSFs from 1 October this year.

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