SMSF SuperStream FAQs
SMSF Superstream is a system utilised by employers in order to make their superannuation guarantee payments to super funds. Using this system, money and data are encoded in a standard format and sent via electronic means. The standard format data is transferred between employers, super funds, the ATO and other service providers.
What will happen if the electronic service address given to my employer is not active?
Super contributions may not get to your SMSF or are redirected to the employer’s default fund if your SMSF’s electronic service address is not active. If the electronic service address is not active, rejection of contribution messages is likely.
An error message may be received by the employer and is required by law to obtain accurate information for the SMSF. If this case happens, the employer might ask you to complete a superannuation standard choice form. If in 28 days, the completed form do not reach your employer, you super contribution will be reallocated to their default super fund.
What can I do if my SMSF Does Not Have an ABN?
You can register your SMSF for an ABN at www.abr.gov.au. All SMSFs need ABN for it to receive contributions from employers sent through SMSF Superstream. It is also used as a super fund determiner that helps ensure data messages to reach the correct fund.
After establishing a new SMSF, what happens if I do not provide my employer with the needed information in the standard choice form?
An employer does not have to accept an incomplete standard choice form because it does not contain the information it needs to send contributions in accordance with SMSF Superstream standard. If the employer does not accept the form, they are likely to make contributions to their default super fund. This is done to comply with super guarantee obligations.
For more information about superstream or if you are looking for an SMSF auditor, talk to us and we’ll help you.
Kingston Knight Audit are the Auditor Melbourne experts to contact when dealing with your trust account audit, SMSF Audit, financial statement audit, and internal audit requirements. Contact us today, Kingston & Knight Audit offers a free telephone consultation to establish how we can best help you achieve the assurance and compliance you require.