What is SuperStream

Standard

SuperStream is a government reform which aims to improve the process for reporting employer contributions to superannuation fund administrators. The primary purpose of SuperStream is to ensure that employer superannuation contributions are paid to a members account in a consistent, timely and efficient manner. Under the SuperStream Standard employers make superannuation contributions which comprise an electronic transfer of both contribution data and payment. All superannuation funds then receive contribution data and payments electronically.

The accounting practice uses BGL Simple Fund as the administrative software for self managed superannuation funds. BGL is working with Australia Post to ensure that the process of registering and reporting contribution data for SuperStream is efficiently handled.

Clients who we have registered are required to provide their employer with the following information

  • The name of the self managed superannuation fund
  • The Australian Business Number of the self managed superannuation fund
  • An electronic service address (ESA) which is AUSPOSTSMSF
  • Bank account BSB and Account Number

The Australia Post Gateway Service will act as an end point gateway service for all electronic messages from employers and other superannuation funds. Australia Post has developed a service to meet the ATO’s electronic data message requirement for gateways. The service offered by Australia Post delivers superannuation transaction messages via a secured electronic distribution network to a nominated email address.

Please note: All comments in this blog are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstance. Issued by Leigh Barker West Pennant Hills.
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