A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds.
Self-managed super funds (SMSFs) must be able to receive employer contributions and the associated data electronically using the SuperStream standard.
From 1 October 2021, you can only rollover into or out of your SMSF using SuperStream. Also, certain release authorities may be processed in SuperStream (see SuperStream rollovers and release authorities for SMSFs).
SuperStream offers the following benefits for SMSFs:
- more timely and reliable flow of payments and information about contributions, rollovers, and certain release authorities
- an electronic record to support your accounting and tax obligations (including your SMSF annual return)
- fewer data and payment errors.
For more information on SMSF’s, Click here