SMSFs that receive employer contributions from 1 July 2014 must meet new data standards as part of the SuperStream reforms.
This means SMSFs will be required to accept contributions and other information from employers electronically, said SPAA’s Graeme Colley.
The first stage of the reform applies to medium and large employers from 1 July 2014, Mr Colley added. There is no requirement to meet the data standards where the employer is a related party of the fund.
“SMSFs need to give their member’s employer the details of the fund’s Australian Business Number, bank account details and the electronic service address for the contribution,” Mr Colley said.
“An SMSF professional such as a fund administrator, accountant or other service provider may be able to help the SMSF get an electronic service address. The ATO will publish a list of SMSF messaging providers to its website in early 2014,” he added.
SMSFs should check when the member’s employer will start using the data standard to give themselves enough time to get ready for the change, he said.