Frequently asked questions about how SuperStream impacts SMSFs.
What happens if the electronic service address provided to my employer is not active?
If your SMSF’s electronic service address (ESA) is not active, your super contributions may not reach your SMSF and might be redirected to your stapled super fund(if one exists), or the employer’s default fund. This is because the SMSF messaging provider is not expecting to receive a contribution message for your SMSF, so the contribution message will be rejected.
The employer will receive an error message and is required by law to obtain accurate information for the SMSF.
If this occurs, your employer may ask you to complete a Superannuation standard choice form.
If you don't provide your employer with the completed form, they can contact us for the details of your stapled super fund or pay your super contributions to their default super fund if you do not have a stapled super fund.
What if my SMSF doesn't have an ABN?
If your SMSF doesn’t have an Australian business number (ABN), you can register at Australian Business Register website.External Link
All SMSFs require an ABN to receive contributions employers send using SuperStream. The ABN is used as the super fund identifier to ensure data messages reach the correct fund.
From 1 October 2021, you'll need an ABN to roll over any super money to or from your SMSF.
What if I establish a new SMSF and don't provide my employer with the necessary information in the standard choice form?
If you don't provide your employer with all required information in the standard choice form, your employer doesn't have to accept the form.
This is because your employer may not have all the information they need to send contributions in accordance with the SuperStream standard.
From 1 November 2021, if you start a new job your employer may have an extra step to take to comply with choice of fund rules if you don’t choose a super fund. They may now need to request your ‘stapled super fund’ details from us.
A stapled super fund is an existing super account which is linked, or 'stapled', to an individual employee so that it follows them as they change jobs.
If you don't have a stapled super fund, your employer may make contributions to their default fund to ensure they comply with their super guarantee obligations.
What do I need to roll over super money to or from my SMSF using SuperStream?
From 1 October 2021, you'll need to use SuperStream to roll over any super money to or from your SMSF.
To use SuperStream your SMSF will need:
- an ESA that provides rollover SuperStream services
- an ABN
- up-to-date details recorded with us, including your SMSF's unique bank account for superannuation payments.
Given the digital nature of these transactions, you may consider using a tax professional to help you.
What if my ESA doesn't provide rollover SuperStream services?
From 1 October 2021, you won't be able to roll over funds to or from your SMSF if:
- you don’t have an active ESA, or
- your ESA doesn't provide rollover SuperStream services.
Release authorities in paper form will be sent to you by mail.
When do I need to start using SuperStream for SMSF rollovers?
You can start using SuperStream anytime from 31 March 2021, depending on when your ESA provider makes the transition.
From 1 October 2021, you must be SuperStream-ready if you want to roll over funds to or from your SMSF.
Frequently asked questions about how SuperStream impacts SMSFs.