SuperStream was implemented in 2014 and is designed to report and pay superannuation contribution electronically. It helps to improve the superannuation system by making transaction processing more efficient. With SuperStream, employers pay super contributions electronically and report contribution electronically.
The reporting mechanism is generally referred to as an Electronic Service Address or ESA code.
There are a number of potential benefits for SMSF’s including:
From 1 October 2021, rollovers and specific release of funds within super system requires an ESA to be provided. An SMSF can only have one ESA at a time. Some Superstream providers that can be provided for rollovers or employer contributions are listed below:
Alternative ESA providers include the following:
Once the Fund is registered for SuperStream, you will need to provide the following information to your employer and retailfund:
1. Rollovers into SMSF
2. Rollovers out of SMSF
3. Release authorities for:
For more information regarding SuperStream Rollover v3 on ATO website, please see here.
Regulation 7.07F of the Superannuation Industry (Supervision) Regulation 1994 (SIS Reg) provides an exemption to comply with the data and payment standard where an SMSF and the employer are related parties.
New temporary support measures have been released by the ATO to support super funds taking rollovers when there has been issues receiving an electronic service address (ESA) from one of the dedicated SMSF messaging providers.
Some SMSF Trustees have had problems getting an ESA from an SMSF messaging provider to allow a rollover in the necessary time frame of three business days to process their requests.
These new measures are only available for rollovers from an SMSF and between SMSF’s. SMSF’s that have issues getting an ESA for a rollover from an APRA-regulated super fund will need to contact that super fund directly.
For an SMSF which is unable to obtain an ESA, paper form processes can possibly be approved by the ATO based on its own risk assessments.
If any Trustees have had issues attempting to obtain an ESA to make or receive a rollover, they can contact the ATO at 13 10 20 and select the fast key codes 4 then 1 for further help from the tax office.