If Superstream applies to my SMSF, what must I do?

If Superstream applies your SMSF, you need to do the following;

1.    Ensure your SMSF has an Australian Business Number (ABN which is an 11 digit number issued by the ATO) - any SMSF which has been created since the introduction of the GST will have been issued with an ABN.  

When your SMSF applied for a TFN and made an election to be regulated under the Superannuation Industry (Supervision) Act, (which election is a precondition for the SMSF to have favourable taxation status) the SMSF also applied for an ABN.  The ATO would have notified you by mail of the ABN.  Additionally, your ABN can be checked using the Super Fund Lookup website.

If your SMSF does not have an ABN, then it must apply for an ABN as soon as possible.  Use form ATO NAT 2944 or the Australian Business Register at abr.gov.au.

2    Ensure that the SMSF has a deposit account (whether with a bank, building society, etc) which can accept electronic funds transfer payments by means of BPAY and the Bulk Electronic Clearing System.  Generally if the deposit account has a BSB and account number the deposit account will be able to receive payments by electronic funds transfer.

If the deposit account cannot accept payments by way of electronic funds transfer – then you will need to open such an account for the SMSF.

The deposit account must be an account operated solely for the purposes of the SMSF.  Neither a personal nor business deposit account could not be used for this purpose.

3.    Ensure that the SMSF has an electronic service address.  This address is necessary in order to receive information about the contribution or benefit transfer/rollover.  All the information currently provided by ATO forms will be included in the electronic message.  You do not have to establish your own electronic service address (but a particular SMSF could, if the trustees/directors were so minded).  Instead of establishing your own service address, you may hire such an address from an approved provider.  The provider may charge a fee for this service.  Presumably, the service provider will provide the contribution information by way of email notification to the trustees or their agents (such as their SMSF adviser).  Consequently, SMSF trustees will have to give to the service provider their own email address or the email address of their agent (eg SMSF adviser).