SuperStream – Electronic Service Address (ESA)

Please note, Electronic Service Address via SuperEasy® is only available to SuperEasy® clients! To become our client you need to sign up for the annual administration of your SMSF (Self Managed Superannuation Fund).

SuperStream is a government initiative targeting employer contributions via introduction of the online support for the superannuation industry.

From July 1, 2015, employers with 20 or more employees are required to implement the SuperStream Standard for the payment of their employees' contributions electronically. Small employers (19 or fewer employees) have to apply it by 30 June 2016.

The new system is aimed at improving the efficiency of the superannuation system and in specific:

• Provides better integration with the employers' payroll systems
• Enables electronic data feed for tax and audit purposes
• Minimises the errors
• And streamlines the information in a timely manner

All superannuation funds including the Self Managed Superannuation Funds (SMSF) must also use the SuperStream Standard to be able to receive contributions and rollovers.

To comply with the SuperStream system, SMSFs funds are required to provide to their respective employers:

• The ABN of their Self Managed Superannuation Fund
• The SMSF bank account for receiving the contributions (including BSB and account number)
• The SMSF bank account needs to be able to receive electronic transfers
• An Electronic Service Address (ESA) for receipt of a contribution data message

SuperEasy® clients will receive the complimentary service of obtaining an Electronic Service Address when they sign up for the SMSF Annual administration.

The additional advantage of SuperStream relates to the input data collection for the Annual administration of the fund, making the documenting and submission of the employer’s contributions forms by the trustees obsolete.

Other advantages of SuperStream registration are:

• inactive accounts under $1,000, will automatically be consolidated with the rest of member’s accounts, resulting in reduction of fees and easier management of the superannuation
• contributions to funds and rollovers between funds will be processed quicker

It is expected that the new SuperStream will dramatically impact the lost superannuation by minimizing or completely eradicating the lost funds.

Note: There is no proper inter connectivity between SuperStream Gateways standards so it’s important to select a standard that is supported by your annual administration service provider. The Electronic Service Address is not an email address!

Self Managed Superannuation Funds not affected by the SuperStream Standard are the ones not receiving employer contributions, or receiving the contributions from the related party.

Questions? Call us on 1300 554 333 or send us an e-mail to admin@supereasy.com.au.