What if I do nothing?

If the SMSF is going to accept Superstream affected contributions/rollovers and benefit transfers, the SMSF must participate in Superstream.  Non-participation will mean that those contributions/rollovers and benefit transfers will not be made (and most probably be paid to another superannuation fund) and may expose the trustee of the SMSF to a monetary penalty for failing to provide information to the employer.  The exposure to the penalty arises because a member of the SMSF has requested that the affected payment be made to the SMSF and the trustee of the SMSF has not provided the necessary information to the employer (in the case of contributions) or the trustee of the superannuation fund, which has been requested to pay the rollover or benefit transfer.

If the SMSF is not going to accept any Superstream affected contributions/rollover and benefit transfers, the SMSF need not participate in the Superstream system and the trustee of the SMSF will not be exposed to any administrative penalties for failing to provide the required information.