Frequently asked questions on SuperStream for SMSFs

You may also find the following help center article useful: What is the Electronic Service Address (ESA) for SuperStream for SMSFs we look after?

Q: What is the ESA (Electronic Service Address) for my clients SMSFs?

For all SMSFs looked after by Superfund Wholesale, the ESA is: smsfdataflow

Q: Is this change compulsory for all SMSFs that receive employer contributions?

A: If the employer has 20 or more employees, it is compulsory for them to comply with the SuperStream requirements from 1 July 2014.  If the employer has 19 or less employees, they still need to comply - but they have until 1 July 2015 to meet the new standards.  There is also a very limited exemption when the only employees are also members of the SMSF - which may cover some self-employed persons and small business owners.  

Q: How much does it cost?

A: The solution available via Superfund Wholesale (SMSF  DataFlow) is absolutely free for all our clients.  Please be aware that other solutions, such as the one available from Australia Post, require the payment of an annual subscription.

Q: What happens if my clients don't provide the relevant ESA details to their employer?

A: The employer will not be able to pay contributions to their SMSF and may be forced to pay it to a default superannuation fund not of your clients choosing.

 

Q: What is the solution for employers?

A. If a business is using an existing superannuation payment service or clearing house (i.e. a service provider), then there is not much of a change - the service provider will handle payments via the SuperStream standards - the employer just needs to ensure that any employees with SMSFs provide their appliance ESA details such as 'smsfdataflow' as above.  

 

Q: What happens if I change the accountant / SMSF administrator looking after my SMSF clients?

A: Our solution is entirely portable, so it would simply be a case of notifying the new accountant / administrator that you use SMSF DataFlow and they can do the rest.

 

Q: I'm not a client of Superfund Wholesale - can you help me with my SMSF clients?

A: Firstly you need to ask yourself - why hasn't your current SMSF service provider (accountant / administrator) provided details about your SuperStream obligations as a trustee of an SMSF.  

Secondly, we recommend you register your details with SMSF DataFlow (it is free and secure) and provide the details of your clients SMSFs and their employers contact details.  Please note: If you are an existing Superfund Wholesale client, you are not required to register your clients - we will take care of this aspect for you!  

 
Q: What is the point of SuperStream for SMSFs?

A: SuperStream is all about improving the efficiency of the superannuation system.  SMSFs are the largest and fastest growing part of the superannuation landscape so they have to be included in any changes to systems and technologies. 

This change shouldn't be seen as an administration burden - it further increases the efficiency that a business like Superfund Wholesale can provide - meaning we both same time, which will translate into better and more cost effective service.  

SuperStream will also make tracking employer contributions easier, meaning less chance of excess contributions tax and penalties. 

Q: I'm an accountant - can Superfund Wholesale assist me with my SMSF clients?

A: Yes - there are a couple of ways in which we can help you.  Firstly, we recommend you have a look a SMSF DataFlow from Class Super and register your details.  If you are utilising Class within your business already, they would have already done the heavy lifting and registered all your clients.  

If you are not using Class Super, but are interested in all the automation benefits it can bring you and your clients, we recommend you register your details with us.  

Superfund Wholesale is an official administration partner and re-seller of Class Super, and have a number of solutions that can assist you provide a powerful and profitable SMSF offering. 

 

Q: Where can I find out more information about SuperStream and how it will impact my SMSF clients?

A: We recommend you visit the ATO website here: SMSFs – the SuperStream standard for contributions

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