Before SuperStream was introduced, superannuation contribution practice meant there was no simple, guaranteed way for employers, employees or super professionals to transfer, analyse or track payments.
To rectify this, the Federal Government introduced, as part of its Stronger Super initiative, the SuperStream Data and Payment Standard — SuperStream for short.
Once all contributions are made electronically, and individually linked to a specific data file, they are largely automated and entirely traceable, meaning that errors are both reduced and much more easily rectified if they do occur. The automation increases efficiency for employers and other contributors, and improves reporting for SMSF trustees.
To comply with the standard, every SMSF needs an Electronic Service Address (ESA) and the software to receive the SuperStream data. SMSF DataFlow is your free, open and portable solution to SuperStream compliance.
Here's a link to the Australian Taxation Office’s information page about SuperStream for Self-Managed Super Funds