SuperStream is a new data standard developed by the Australian Taxation Office based on the government's super reform package. The standard is designed to streamline the communication and payment of contributions and rollovers within the industry.
From 1 July 2014, employers with 20 or more employees will commence transitioning to paying employee super using SuperStrem and have unitl 30 June 2015 to meet all SuperStream requirements. From 1 July 2015, employers with 19 employees or less will start transitioning to SuperStream and have until 30 June 2016 to meet all requirements. Eventually all employers and rollovers from other funds will be sent electronically utilising the same data standard.
To enable employers to electronically pay contributions, SMSF members will need to provide their employer with the following details:
a) The fund's ABN
b) The fund's BSB & Bank Account Number
c) Electronic Service Address
An ESA is an electronic post-box that enables SMSF's to receive both electronic messages and payments when employers make contributions using SuperStream data and payment standard.
Harris Black recommends that our SMSF clients use Reckon 's Electronic Service Address (ESA) product called RECKONSMSF. This is the ESA that needs to be provided to the members employer. There is no cost for using this service and it will enable us to import contribution information direct to our software package. Reckon is recognised by the Australian Taxation Office as a registered SuperStream messaging provider.
If you have any questions, please do not hesitate to contact your Harris Black team member.