The ATO has issued a reminder that it is time for self-managed super fund (SMSF) trustees to ensure they are ready for SuperStream.
All SMSF trustees must be able to receive super contribution payments and information sent using SuperStream when a member’s employer starts using SuperStream.
To be able to do this, each SMSF member will need to provide the SMSF’s ABN, bank account details and electronic service address (ESA) to the member’s employer. The member should contact his or her employer about when the employer will need this information so the employer can get ready to make SuperStream contributions.
Employers with 20 or more employees are already using SuperStream, although have until 30 June 2015 to finalise their implementation. From 1 July 2015, employers with 19 or fewer employees will start sending SuperStream contributions electronically to all super funds, including SMSFs.
If an SMSF member does not provide details in time, the member’s employer can issue a new Standard choice form to obtain these details. If it is not completed and returned within 28 days, the employer can make the employee’s super contribution into the default fund.
For more information go here.