ATO urges trustees to be SuperStream-ready

The ATO reminded SMSF trustees that from 1 July this year, employers with 20 or more employees will start using the SuperStream standard to send contribution data and payments electronically.

 

From 1 July 2015, employers with 19 or fewer employees will also be required to send contributions data and payments electronically.

 

“With over 350,000 SMSFs in Australia receiving contributions, SMSF employed members should check with their employer about when they are planning to send contributions using SuperStream. You should have all their details organised at least 60 days before the planned start date.

 

“Trustees need to set up an electronic service address – the destination for the contribution message – which can be obtained from a relevant service provider. This allows you to access this information via a login or email, depending on the service

 

“Alternatively most administration software packages will be able to receive SuperStream-complaint messages and integrate with incoming bank account data automatically for their clients. So trustees using accounting or administration services may find they have a simple way to get this done.”

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