What is SuperStream - Leigh Barker Accountant

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What is SuperStream

• By Leigh Barker

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SuperStream is a government reform

• SuperStream is a government reform which aims to
  improve the process for reporting employer
  contributions to superannuation fund
  administrators. The primary purpose of
  SuperStream is to ensure that employer
  superannuation contributions are paid to a
  members account in a consistent, timely and
  efficient manner.
• Under the SuperStream Standard employers make
  superannuation contributions which comprise an
  electronic transfer of both contribution data and
  payment. All superannuation funds then receive
  contribution data and payments electronically.

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The accounting practice uses BGL Simple Fund

• The accounting practice uses BGL Simple Fund as
  the administrative software for self managed
  superannuation funds. BGL is working with
  Australia Post to ensure that the process of
  registering and reporting contribution data for
  SuperStream is efficiently handled.

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Clients who we have registered are required to
provide their employer with the following
information

• The name of the self managed superannuation fund
• The Australian Business Number of the self
  managed superannuation fund
• An electronic service address (ESA) which is
  AUSPOSTSMSF
• Bank account BSB and Account Number

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The Australia Post Gateway Service

• The Australia Post Gateway Service will act as an
  end point gateway service for all electronic
  messages from employers and other superannuation
  funds. Australia Post has developed a service to
  meet the ATOs electronic data message
  requirement for gateways. The service offered by
  Australia Post delivers superannuation
  transaction messages via a secured electronic
  distribution network to a nominated email
  address.
• Please note Prepared by Leigh Barker Accountant
  at MWC Group, Gordon and West Pennant Hills. All
  content of this blog is general in nature and
  anyone intending to apply the information to
  practical circumstances should seek professional
  advice to independently verify their
  interpretation and the informations
  applicability to their particular circumstance.