Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions.
From 3 November 2014, employers will begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees. This means that SMSF trustees will be required to receive contributions electronically from their employers.
Employers will have a year to make this change so SMSF trustees should check with their employers about their start date.
To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages. SMSF will also need to provide their employer with their ABN, bank account details and electronic service address to their employer.
The changes will result in a more timely and reliable flow of contributions and make it easier for employers. Funds do not need to upgrade their reporting software to comply with the changes.
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