It is estimated that more than 60% of SMSFs (300,000) receive employer contributions and need to be SuperStream compliant. According to the ATO, more than 75% of all SMSFs have obtained an electronic service address (ESA) and are ready to received SuperStream contributions from their employer. With small employers (<20 employees) required to comply by no later than 30 June 2016, it is expected that the number of SMSFs receiving employer contributions will continue to grow.
The ATO has however recently highlighted concerns with around 5% of existing SMSFs that have provided an electronic service address to their employer are not active. Failure to have an active electronic service address will mean that the contribution message will be rejected and if not adequately remedied within 28 days, the employee can instead make the super contributions to their default super fund.
It is believed that some funds have not correctly linked their SMSF to a SMSF messaging provider.
In this podcast, I talk to Nathan Burgess from the ATO about an update on Superstream with SMSFs. In this 15 minute podcast, we discuss a range of issues that SMSF trustees and professionals need to be aware of as all SMSFs must now be able to receive Superstream compliant contributions.
The ATO has published information about the ensuring that all SMSF electronic service addresses are active.