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20 Feb 14 SuperStream changes for SMSFs

In media article No 2014/03, issued 19 February 2014, the ATO said it 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.

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