First SuperStream transactions successfully processed

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SuperStreamAccording to the ATO the first successful SuperStream transactions have been successfully processed, which “represents a significant milestone for SuperStream implementation”:

“The transactions were processed during the second week of August 2014 as part of the first group participating in the SuperStream induction process. The experience of this first group highlights the benefits which SuperStream will bring with an end-to-end flow of data and payments from employers to super funds.”

The ATO says that the SuperStream contributions data has been reconciled by the recipients, and that “there are no reported outstanding issues”.

There are several ‘SMSF solutions’ listed by the ATO as part of this first group of SuperStream participants, including:

  • Australia Post
  • Class Super SMSFDataflow
  • Westpac QuickSuper SMSF Gateway
  • GBST
  • Macquarie SMSF

BGL, the makers of Simple Fund, claim to be the “first SMSF admin software supplier to receive and successfully process SuperStream transactions”. BGL Simple Fund uses the Australia Post Gateway.

However GBST, which has partnered with software developer Class Super in the SMSFDataflow gateway, claims to have “delivered the first live SuperStream electronic choice contributions messages destined for SMSFs as of 4 August 2014”.

Commenting on this “milestone achievement”, Rob De Dominicis, CEO of GBST Wealth said “this level of automation will contribute positively to Australia’s rapidly growing SMSF sector”.

SuperStream is meant to improve the efficiency of ‘back office’ superannuation processing to reduce costs, as part of the Stronger Super initiatives .

Though not all SMSFs will need to comply with the SuperStream requirements, those that do will likely use an SMSF Messaging Provider. The ATO has also recently updated the Standard Choice Form to make it easier for SMSF members to report SuperStream details to employers.

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