From 1 October 2021 SMSFs will need to use SuperStream to roll over super to or from their funds
Self-managed super funds will also be able to receive and action certain release authorities electronically via SuperStream.
These changes are due to government measures announced in 2019.
Benefits of SuperStream
SuperStream is a data and payment standard used for digital transactions within the super industry. Many SMSFs already use SuperStream to receive contributions, and many large super funds also use SuperStream as their main way to transact with employers, other large funds and the ATO.
SuperStream rollovers can be processed faster, more efficiently and with fewer errors. For release authorities, this means eliminating postage delays for faster super money release, such as quicker access to first home super saver (FHSS) scheme money for first home purchases.
What you need to do
To be able to use SuperStream make sure you have:
- an electronic service address (ESA) providing rollover SuperStream services
- an Australian business number
- up-to-date details recorded with the ATO, including your SMSF’s unique bank account for superannuation payments.
If you already have an ESA provider, talk to them about when they will transition to SuperStream. If you need an ESA provider, refer to Register of SMSF messaging providers.
At Intuitive Super our goal is to ensure that your self-managed superannuation is working to achieve your goals. Read more at carrickaland.com.au/smsf.