SuperStream and self-managed super funds (SMSFs)

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With the introduction of the government’s SuperStream standards, all super funds, including self-managed super funds (SMSFs), must receive employer contribution data and payments electronically.

SMSF information you need from your employees

You need to collect the following information from employees if you pay into their SMSF:

  • The ABN (Australian Business Number) for the SMSF
  • The SMSF’s bank account details (BSB and account number) to receive the contributions.
  • An electronic service address.

The trustee of a SMSF will need to set up an electronic service address (also known as an alias) for receiving employer contributions. They can do this by signing up with a service provider. The ATO website has a list of SMSF messaging service providers you can sign up with. The good news is, it’s quick and you only have to do it once.

If they don’t receive the details so they can send contributions to your employee’s SMSF electronically, you can request that they complete a standard choice form, so you can meet your superannuation guarantee obligations. If you don’t receive the standard choice form, you can pay their super into your default fund.

Do all SMSFs have to comply with SuperStream requirements?

According to the ATO “SuperStream is mandatory for all employers making super contributions, APRA-regulated funds, and SMSFs receiving contributions.

SuperStream will not affect your SMSF if it:

  • does not receive any employer contributions
  • only receives personal contributions made by members
  • only receives contributions from related-party employers.”

If you run your own business and pay into your own SMSF, then you are considered a related-party employer.

SuperStream, SMSFs and MYOB

The latest release of AccountRight lets you easily make super contributions, including contributions to SMSFs, straight from your software. Sign up from the Payroll area of your software to get started – it’s included in your subscription.

If you have a subscription or cover agreement for MYOB Essentials, AccountEdge or the classic AccountRight on a desktop, you’ll have access to a SuperStream compliant service with your compliance release. Find out more or take the first step towards being compliant by registering your business details with MYOB today. 

Subscribing or upgrading your MYOB software will ensure your business is always compliant with tax changes, including the government’s new SuperStream system for paying super contributions.

  • Branko

    SMSF

  • http://www.bottrellaccounting.com.au Gavin Bottrell

    Thanks for sharing

  • V Chappell

    I have AccountRight Plus AU 2015.2.17.2166 however I still cannot work out how to add SMSF directly into the super fund information. There is no space for the ESA or funds bank account details. Could you please advise how to add this information with the latest release?

    • Steven Wright

      Hi there,

      We’ve got a page that outlines how to set this up, and specifies that SMSF won’t be listed, but you just add it yourself. If this page (http://help.myob.com/wiki/display/ar/Set+up+Pay+Superannuation) doesn’t help, I can lodge a ticket on your behalf at http://community.myob.com/t5/Staffing-and-payroll/bd-p/Staffing_and_Payroll if you like, or feel free to drop this same question there (via Post New Topic) and a product expert will be able to help. Let me know, I’ll do what I can to help.

      Regards, Steve

      • Tara

        (http://help.myob.com/wiki/display/ar/Set+up+Pay+Superannuation) – Page not available. Your reply doesn’t help any of us. I have been trying for days to figure out where to put the ESA, and there is NOWHERE!!!!! Your product doesn’t appear to be compliant.

      • http://myob.com.au Merrin Hughes

        Hi Tara,
        Sorry the link doesn’t seem to be working for you. Try this link for help setting up SMSFs:
        http://help.myob.com/wiki/x/DIBW#expand-Toaddastandardorselfmanagedfund

        Note that you only get options to set up SMSFs after you’ve completed your sign up for Pay Super in AccountRight.

        To set up an SMSF, go to the Superannuation Fund Information window (select Superannuation funds from the List menu).
        Click New.
        Select whether the fund is Standard (APRA regulated) or a SMSF. If you select SMSF, you’ll get the option to add the fund’s ESA from the list, and enter the Fund’s BSB and Account number.

        Hope that helps.
        M

  • Graeme

    when using myob account right payroll with superstream, for one of our clients, and super payments ($1000 & $700) for the 2 owner directors is made to their SMSF superfund, when the contributions are credited in the Fund, how does the deposit show, in total, or by member. If in total how is the Fund advised of the spilt between members.

    • http://myob.com.au Merrin Hughes

      Hi Graeme,

      Part of the government’s SuperStream initiative is making sure funds receive electronic information about the payments being made to them, which includes the employee details and amount. So when you use an MYOB solution to pay super, the fund receives information about the breakdown of any payments made to them.

      Hope that answers your question,
      Merrin