From 28 October 2016, under the SuperStream reforms, small business employers must join the ranks of all other employers and begin to pay super contributions electronically to their employees’ superannuation funds (including SMSFs). Related data must also be provided electronically from this date by all employers.
Additionally, from 28 October 2016, all superannuation funds (including SMSFs) must be able to receive electronic contributions and data from employers of fund members. For an SMSF, this means providing the following information to each member’s contributing employer by 28 October 2016:
- The SMSF’s ABN;
- The SMSF’s bank account details; and
- The SMSF’s active electronic service address that will receive contributions related data.
Advisers should remind their small business employer and SMSF clients of the impending deadline and contact us if they require further guidance on any particular requirement.