What is SuperStream?
SuperStream is a package of reforms under Stronger Super that are designed to enhance the 'back office' of superannuation, making everyday transaction processing faster and easier. SuperStream is a data and payment standard used for digital transactions within the super industry.
Does it apply to my SMSF?
Your SMSF will need to comply with the SuperStream rules in the following situations:
1. When your SMSF receives employer contributions from unrelated parties on behalf of the member.
All superannuation funds, including SMSFs, must receive contributions from employers via SuperStream. However, please note that SuperStream rules do not apply to SMSFs that do not receive contributions or whose contributions are made by a related party.
2. When you wish to rollover funds to or from the SMSF after 1 October 2021.
From 1 October 2021, all superannuation funds, including SMSFs must comply with the SuperStream rules when they rollover cash to the SMSF or from the SMSF.
3. When you elect to action a release authority from the SMSF after 1 October 2021.
From 1 October 2021, all superannuation funds, including SMSFs must comply with the SuperStream rules when a member elects to release funds from the SMSF for certain types of release authorities.
Electronic Service Address
We are pleased to announce that ESUPERFUND is a registered Messaging Service Provider with the ATO for SuperStream for Contributions, Rollovers and Release Authorities and our ESA alias is ESUPERFUND. This means you will need to quote the code “ESUPERFUND” when you notify your employer or another Superfund.
Benefits of SuperStream
The major benefit of this new SuperStream system is that information relating to contributions made by your Employer, rollovers or release authorities will be electronically received by ESUPERFUND and no documentation or information is required from you at financial year end. The electronic information received by ESUPERFUND will be displayed in your ESUPERFUND Client Portal. This process will greatly improve the efficiency of the annual compliance process and require less input from you.
At No Additional Charge
In order to be able to accept electronic information under the SuperStream system significant IT time and cost has been invested by ESUPERFUND on behalf of its clients. ESUPERFUND has decided not to pass on any costs to clients and has absorbed all costs in relation to the new SuperStream system on behalf of clients. This means you will not be charged any additional fees for using SuperStream.
Employer Contributions – Notifying your employer
You need to provide the following information to your employer in any format (email, letter, etc.) or alternatively your employer may provide you with a form to complete:
- SMSF ABN
- SMSF Bank Account
- Electronic Service Address (i.e. ESUPERFUND)
If you commence work with a new employer you will need to fill out a Choice Form with your SMSF's ABN, Bank Account details and Electronic Service Address ("ESUPERFUND"). The Choice Form once completed must be provided to your Employer and NOT to ESUPERFUND.
Rollover-in to your SMSF
From 1 October 2021, cash rollovers to the SMSF must comply with the SuperStream requirements. There are a few methods available for you to submit the rollover-in request.
For more information on the process and detailed instructions on submitting a rollover-in request, please click here.
It should be noted that the SuperStream requirements do not apply to in-specie rollovers to the SMSF.
Rollover-out from your SMSF
We advise that the preferred way to initiate the rollout process is to submit the rollout application to ESUPERFUND via the client portal inbox after all the prerequisite steps have been completed.
Once we are in the position to calculate your preservation and tax components, we will instruct you to transfer cash from the SMSF bank account to the bank account of the receiving fund. After you have rolled out your super benefits from the SMSF, we will then forward all the necessary information to the receiving fund via the SuperStream channel.
For more information on the process and detailed instructions on submitting a rollover-out request to ESUPERFUND, please visit our website.
- If you need to wind up (i.e. close down) the SMSF after completing the rollout, please click here for the detailed process.
- If you will continue to operate the SMSF after completing the rollout, please click here for the detailed process.
Action a release authority
You will be contacted by the ATO directly when any of the following event(s) occurs:
- You have exceeded your concessional contributions cap;
- You have exceeded your non-concessional contributions cap;
- You are required to pay the Division 293 tax applicable to high-income earners;
- You applied to release funds from the SMSF under the first home super saver (FHSS) scheme.
You will be required by the ATO to choose how you make the above payments to the ATO. One of the options is to release funds from the SMSF. If this is your preferred method, you need to make an election to the ATO via your ATO myGov account.
Once the ATO has processed your election, they will issue a digital release authority to the SMSF via the SuperStream channel. Upon the receipt of the digital release authority, ESUPERFUND will instruct you to make payments to the ATO in a detailed inbox message.
For more information on the process and detailed instructions on releasing funds from the SMSF under a valid ATO Release Authority, please click here.