written by Darren Hagarty
The ATO has recently introduced reforms known as SuperStream, aimed at improving the efficiency of the superannuation system. The reforms start to have effect from 1 July 2014.
What is SuperStream?
Under SuperStream, employers must report super contributions by submitting data and payment details electronically in accordance with the SuperStream standard. All superannuation funds, including SMSFs, must receive contribution details electronically in accordance with this standard.
If your SMSF is receiving employer contributions, or may be in the future, it requires an “Electronic Service Address” from a registered SuperStream messaging solution provider. It must then provide these details to employers making contributions to the fund.
How Can We Assist?
With many of our SMSF clients affected by these reforms, we have put together a packaged offering for a fixed price of $240 + GST which includes:
- Registration of an Electronic Service Address with a registered SuperStream messaging solution provider (Australia Post);
- Preparation of a Minute of Meeting to be signed by Trustees adopting the messaging solution;
- Preparation of a letter to be supplied to current or future employers detailing the necessary SuperStream information for your fund.
Additionally, the Electronic Service Address (ESA) itself costs $25 + GST p.a. (subject to future price changes by the messaging provider, Australia Post). We will pay the initial registration cost on your behalf to the messaging provider and add it to our Tax Invoice. We will then contact you each year to discuss renewal.
Simply click here to visit the SuperStream Authority page of our web site where you can give us the “go ahead”.
We will then take care of the Electronic Service Address registration and related documentation for you, and email it to you once complete.
If you have any questions, please contact Kellie Powell of our office on (07) 3808 4499.
Darren Hagarty is a Director of PT Partners.