What must you do by 31 May 2014?

If you have one or more members who are employed by a large employer (has 20 or more employees) and you expect to receive employer contributions from that employer on or after 1 July 2014 then you must provide to the employer:

1.    the ABN of your SMSF;
2.    the BSB and account number and account name of the deposit account of the SMSF; and
3.    details of the SMSF’s electronic service address.

If you do not provide the employer with the above information in sufficient time for the employer to process it, the employer will not be permitted to pay the contributions to the SMSF and will, instead, pay the contributions to the applicable default fund.