Mannion's Blog

SuperStream and Your SMSF

Mannions Business Services - Thursday, May 15, 2014

The Government has introduced a number of measures to streamline the payment of superannuation contributions and rollovers of benefits called SuperStream. SuperStream is designed to have the information on movements of superannuation money move electronically with the money and replace cheques, letters and forms.

The SuperStream measures take effect on 1st July 2014, however your Fund may need to obtain an “Electronic Service Address” (ESA) now to be part of it, otherwise your employer may stop making super contributions for you from 1st July 2014. An ESA is also required to receive rollovers of benefits from institutional super funds. An ESA is identified by a number you need to provide to your employer by 31st May 2014.

Australia Post provide an ESA service which is an online form and does not take long to complete. It is $25 for the first year if you sign up prior to 31 May 2014 and $50 each year after. http://auspost.com.au/business-solutions/self-managed-super-fund.html

It is also a requirement of SuperStream that the bank account the contributions or rollovers are banked into can accept external direct credits.

If you require any assistance in obtaining an ESA or the details required to be provided, please contact our office.

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