How does an SMSF become SUPERStreamed?

28 April 2015

Step One: the SMSF must have an ABN.  SMSFs which were established before 2000 may not have an ABN.  If the SMSF does not have an ABN, it must immediately apply for an one.

Step Two: the SMSF must have a bank account/cash management account which can receive electronic fund transfers.

Step Three: check that the ATO information as to the members of the SMSF is up to date.  If the ATO information is not up to date, then the employer may be prevented from making contributions to the SMSF (as the ATO will be advising the employer that the particular employee is not a member of the SMSF).

Step Four: the SMSF must have an electronic service address.  This address is more than an email address.  The electronic address will receive machine coded contributions information.  The address will be either a uniform resource locator (URL), internet protocol address, or digital alias for the SMSF (ie service address provided by an SMSF messaging provider).

Most SMSFs will rely on a service address provided by an SMSF messaging provider which are commercial operators.  Some operators are open to all SMSFs, while others are providing messaging services to SMSFs which are their clients (or which become their clients) only.  

A current list of SMSF messaging providers can be obtained from the ATO website under “SMSF messaging service providers”.

Step Five: the SMSF (or the members) must provide to each non-related party contributing employer the following information

  • the ABN of the SMSF
  • the bank/cash management account details of the SMSF – BSB and account number
  • the electronic service address of the SMSF.
Back Enquiry