In our previous articles on Stronger Super and SMSFs, we outlined how the SuperStream measures would affect SMSFs and that some of those obligations would commence from 1 July 2014. Subsequently, the Australian Taxation Office (ATO) has released further information, including a letter to SMSF trustees, outlining the SuperStream compliance obligations for SMSF trustees.
The ATO notes that where an SMSF will receive contributions from an unrelated employer with 20 or more employees, then, by 31 May 2014, the SMSF trustee will need to provide the employer with the following information:
- the SMSF’s Australian Business Number (ABN);
- the SMSF’s bank account details (i.e. BSB and account number); and
- an electronic service address for the receipt of contribution data messages.
SMSF trustees will need to obtain an ‘electronic service address’ from a commercial SMSF messaging service provider. The ATO has provided a register of SMSF message service providers at http://www.ato.gov.au/Super/Data-standards/In-detail/Contributions/SMSF-messaging-service-providers/.
Download a PDF version of this article: Stronger Super and SMSFs – SuperStream update
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