SuperStream changes for SMSFs
- The ATO is calling on self-managed superannuation fund (SMSF) trustees to be aware of changes to the way they receive super contributions.
- Starting from 1 July 2014, SMSFs will be required to receive contributions electronically from employers. Employers have a year to make this change so SMSFs should check with their employers about their start date.
- To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages. SMSFs will then need to provide their ABN, bank account details and electronic service addresses to their employer by 31 May 2014.
- The changes will result in a more timely and reliable flow of contributions and make it easier for employers. Funds do not need to upgrade their reporting software to comply with the changes.
- The new SuperStream standard underpinning these changes will be discussed at this week’s SMSF Professionals Association of Australia (SPAA) national conference in Brisbane.
- For more information go to ato.gov.au/superstream