Superstream was introduced in 2015 to enable the ATO, employers, superfunds and service providers with the ability to match super payments to super information eg SGC payments. This is done by setting up an Electronic Servicing Address (ESA) with an approved ESA provider. The ESA provider will charge a service fee for this, which starts at around $60 per year.
Generally if you are an owner of the business and you make a super contribution to related SMSF, you are exempted from Superstream requirements.
However from 1 October 2021, Superstream is now compulsory for all SMSF rollovers - whether to or from a fund. The ATO has said that an SMSF who does not process rollovers via superstream, the amounts cannot be rolled in/out of the fund eg any SMSF receiving rollovers into the fund (e.g on establishment of the fund), and any SMSF rolling benefits out of the fund (e.g on wind-up of the fund). This means that an ESA account is required. Note as explained above, super contributed to a related SMSF is exempted from Superstream.
The ATO have provided a list of providers who are offering ESA. None of them are free.
https://www.ato.gov.au/Super/Superstream/Self-managed-super-funds/electronic-service-address/register-of-SMSF-messaging-providers/
For those that have not yet registered for Superstream, Please contact us as we are organising an ESA for those requiring it with our super software provider. We are negotiating with the super software provider to provide this a potentially free service or reduced fee.
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