SuperStream reforms

SuperStream overview

Macquarie is a leading provider of Self Managed Super Fund (SMSF) services in Australia, with 1 in 4 SMSFs currently using our solutions.

From 1 July 2014, in accordance with the SuperStream reforms, SMSF trustees may be required to receive certain contribution payments and messages electronically.

Macquarie's electronic message service

As part of our commitment to offering a high level of service to our clients, we will be providing an SMSF messaging service to our Macquarie Cash Management Account (CMA) and Macquarie Consolidator Cash Account clients.

The electronic message service will:

  • enable SMSFs to receive contribution data electronically from an employer
  • reduce administration time for trustees.

Macquarie’s electronic service address is:

MACQUARIESMSF

FAQ clients

What is SuperStream?

As part of the SuperStream reforms, employers are required to send super contribution payments and related contribution data electronically to super funds using the new Data and Payments Standard.

From 1 July 2014, in accordance with the SuperStream reforms, certain self managed super fund (SMSF) trustees will be required to receive employer super contribution payments and related messages electronically. The SuperStream reforms seek to provide a consistent and reliable method for sending and receiving super messages electronically, with the aim of reducing administration time for financial services professionals and trustees

Medium to large employers (defined as an employer with 20 or more employees) are required to adopt the standard from 1 July 2014. Small employers will be required to comply from 1 July 2015.

For more information, please visit the ATO website.

Which SMSFs does this apply to?

The reforms apply to SMSFs if one or more members receive super contributions that is not a related party of the fund.

Trustees should seek advice from their financial services professional or refer to the ATO website to assess whether the reforms apply to their SMSF.

What do SMSF trustees need to do if the reforms apply to them?

SMSF trustees must ensure their fund has the ability to receive electronic messages and electronic payments associated with employer super contributions from 1 July 2014. The electronic message can be delivered through the use of a message service provider.

What is a message service provider?

A message service provider is a facilitator for the electronic messages that employers send to SMSFs. SMSF trustees may engage a message service provider to receive electronic messages associated with employer contributions on their behalf.

Will Macquarie be a message service provider?

As part of Macquarie's commitment to providing you with the highest level of service, we will be offering all of our Macquarie Cash Management Account (CMA) and Macquarie Consolidator Cash Account clients an electronic message service.  This will be launched as a free feature of the product.

For more information on our electronic message service, please refer to the draft terms and conditions of this service, located in the tools and resources tab.

How do I register for Macquarie's service?

To utilise our message service provider, SMSF trustees will need to provide their employers with the following information relating to their SMSF:

  • Australian Business Number (ABN)
  • BSB and account number or BPAY details for the payment
  • Macquarie's electronic service address: MACQUARIESMSF.

We have created a simple form for you to complete and send to your employer.

Will there be a fee to use the service?

The message service will be launched as a free feature of the product.

What is Macquarie's electronic service address?

Macquarie's electronic service address is: MACQUARIESMSF

What information is in the electronic message?

An electronic message contains information about super contributions from an employer which may be used for processing contribution payments, account keeping, tax purposes and other SMSF reporting. It may contain:

  • amount of contribution
  • breakdown of contribution (personal, employer etc)
  • payment date
  • payment reference
  • member details
  • employer details
  • super fund details.

Can I use Macquarie's electronic service address?

You can use Macquarie's electronic service address if you currently hold a Macquarie CMA, Macquarie Consolidator Cash Account or certain other deposit accounts with Macquarie. For a full list of these accounts please contact us on 1800 806 310

Where can I find more information on the SuperStream reforms?

For more information, please visit the ATO website or speak with your financial services professional.

For more information, please visit the ATO website.

FAQ intermediaries

What is SuperStream?

As part of the SuperStream reforms, employers are required to send super contribution payments and related contribution data electronically to super funds using the new Data and Payments Standard.

From 1 July 2014, in accordance with the SuperStream reforms, certain self managed super fund (SMSF) trustees will be required to receive employer super contribution payments and related messages electronically. The SuperStream reforms seek to provide a consistent and reliable method for sending and receiving super messages electronically, with the aim of reducing administration time for financial services professionals and trustees

Medium to large employers (defined as an employer with 20 or more employees) are required to adopt the standard from 1 July 2014. Small employers will be required to comply from 1 July 2015.

For more information, please visit the ATO website.

Which SMSFs does this apply to?

The reforms apply to SMSFs if one or more members receive super contributions that is not a related party of the fund.

Trustees should seek advice from their financial services professional or refer to the ATO website to assess whether the reforms apply to their SMSF.

What do SMSF trustees need to do if the reforms apply to them?

SMSF trustees must ensure their fund has the ability to receive electronic messages and electronic payments associated with employer super contributions from 1 July 2014. The electronic message can be delivered through the use of a message service provider.

What is a message service provider?

A message service provider is a facilitator for the electronic messages that employers send to SMSFs. SMSF trustees may engage a message service provider to receive electronic messages associated with employer contributions on their behalf.

Will Macquarie be a message service provider?

As part of Macquarie's commitment to providing you with the highest level of service, we will be offering all of our Macquarie Cash Management Account (CMA) and Macquarie Consolidator Cash Account clients an electronic message service. This will be launched as a free feature of the product.

For more information on our electronic message service, please refer to the draft terms and conditions of this service, located in the tools and resources tab.

How do trustees register for Macquarie's service?

To utilise a message service provider, SMSF trustees will need to provide their employers with the following information relating to their SMSF:

  • Australian Business Number (ABN)
  • BSB and account number or BPAY details for the payment
  • an electronic service address.

We have created a simple form for you to complete and send to your employer.

Will there be a fee to use the service?

The message service will be launched as a free feature of the product.

What is Macquarie's electronic service address?

Macquarie's electronic service address is: MACQUARIESMSF

What information is in the electronic message?

An electronic message contains information about super contributions from an employer which may be used for processing contribution payments, account keeping, tax purposes and other SMSF reporting. It may contain:

  • amount of contribution
  • breakdown of contribution (personal, employer etc)
  • payment date
  • payment reference
  • member details
  • employer details
  • super fund details.

Why should my clients use Macquarie's electronic service address?

  • It is being launched as a free feature of the product.
  • The information will be available at your fingertips through ESI data feeds.
  • It is accessible online by all financial services professionals with authority on the account.
  • It will reduce administration time for trustees and financial services professionals.

Can I opt my clients into Macquarie's message service?

No, Trustees must contact their employer and provide our electronic service address to use Macquarie's message service.

For more information, please visit the ATO website.

Employers

As part of the SuperStream reforms, employers are required to send super contribution payments and related contribution data electronically to super funds using the new Data and Payments Standard (the Standard). Medium to large employers (defined as an employer with 20 or more employees) are required to adopt the Standard from 1 July 2014. Small employers will be required to comply from 1 July 2015.

We encourage you to familiarise yourself with your obligations under the SuperStream reforms. We have included below several videos and FAQs by the Australian Taxation Office (ATO) to help you understand the SuperStream reforms. For more information, please visit the employer section of the ATO website .

From the ATO

Employer videos 

Employer FAQs

Macquarie superannuation funds (non-SMSF)

Macquarie-administered superannuation funds, including the Macquarie Superannuation Plan and Macquarie ADF Super, are able to receive SuperStream contributions.

We will continue to accept contributions using existing methods during the transitional period for those employers who have not transitioned to the Standard and are not yet ready to send contributions using an eligible SuperStream method.

Transitional period - key dates explained

  • Medium to large employers: If you have 20 or more employees, SuperStream starts on 1 July 2014. Employers will then have until 30 June 2015 to meet the SuperStream requirements for sending superannuation contributions for your employees.
  • Small employers: If you have 19 or fewer employees, SuperStream applies from 1 July 2015.  Small employers will then have until 30 June 2016 to meet the SuperStream requirements for sending Superannuation contributions for your employees.

Sending contributions under the new Standard

Employers or their service providers can obtain the appropriate crediting details (bank details for EFT payments and biller codes for BPAY) from the ATO Fund Validation Service.

Employers or their service providers  will require the following fund information to send contribution information and payments via the Standard:

  • Unique superannuation identifier (USI) and superannuation product name – view a list of USIs for Macquarie product:
    • Macquarie Super Manager - 65508799106031
    • Macquarie Super Accumulator - 65508799106041
    • SuperOptions Super Plan - 65508799106063
    • Macquarie Super Consolidator - 65508799106172
    • Macquarie ADF Super/Rollover Plan - 68073150096065
    • FutureWise Super Insurance - 65508799106108
    • Macquarie Life Active Super Insurance - 65508799106170
  • Australian business number (ABN)
  • Bank account details
  • Electronic service address.

Employers or their service providers can use the USI to assist with identifying the individual super product on the ATO’s  Fund Validation Service in order to obtain the crediting details for that super product. Please refer to the ATO resources on this page for more information.

Sending contributions under existing methods

Please note our existing direct debit, direct credit (direct deposit facility) and BPAY payment options for employer contributions are not eligible SuperStream contribution formats. However, we will continue to offer  existing contribution methods for employers to  meet Superannuation Guarantee (SG) obligations while they  preparing to upgrade to an eligible SuperStream method.

We recommend employers transition to a SuperStream compliant method as soon as practical (as outlined in the previous section ‘Sending contributions under the new Standard’).

Meeting SuperStream standards 

The ATO has advised employers have several options for meeting the Standard for contributions, such as:

  • upgrading payroll software
  • using an outsourced payroll or other service provider
  • using a commercial clearing house.

Please view the ATO’s Prepare now for SuperStream flyer for a summary of what you need to do.

If you have any questions regarding how to make employer contributions to Macquarie superannuation accounts, please contact the Macquarie super hotline on 1800 801 651.

 

Contact us

For existing Macquarie clients 

Contact your financial services professional or call us on 1800 806 310.

For financial services professionals

Call us on 1800 808 508.

More information

If you are not currently a client of Macquarie, find out why 1 in 4 SMSFs use Macquarie Cash Management Account for their SMSFs cash hub.

Please visit the ATO website for more information on the SuperStream reforms.

Contact us

Service

1800 806 310

Sales

1800 808 508

or speak to your financial adviser

 

SMSF messaging service

Macquarie’s electronic service address is

MACQUARIESMSF

To register for our electronic messaging service, trustees will need to provide this address to their employers.