ATO issues SuperStream reminder to SMSFs
The ATO has reminded SMSFs that in order to complete rollovers from 1 October next year, they will need to use SuperStream, and that there are other things they need to prepare.
In an online update, the ATO warned that from 1 October 2021, SMSFs will need to use SuperStream in order to roll over any super to and from their fund.
“SuperStream is a data and payment standard used for digital transactions within the super industry. Many SMSFs already use SuperStream to receive contributions, and large super funds also use SuperStream as their main way to transact with employers, other large funds and the ATO,” the ATO said.
SuperStream will enable rollovers to be processed faster, more efficiently and with fewer errors, the ATO stated.
“For release authorities, SuperStream will mean eliminating postage delays so your super money can be released faster,” it said.
In order to be ready for SuperStream, SMSF members will need to ensure they have an electronic service address (ESA), an Australian business number and that the details of the SMSF are up to date, including the SMSF’s bank account.
“If you already have an ESA provider, talk to them about when they will transition to SuperStream as some providers may be ready to transition as early as 31 March 2021,” it said.
The extension of SuperStream to SMSFs was initially planned to take effect from 30 November 2019, but it was delayed until 31 March 2021 following a budget proposal to expand the SuperStream rollover standard.