Are you SuperStream ready?

BGL's SuperStream Service

On 1 October 2021, SuperStream became mandatory for all SMSF rollovers – whether to or from a fund. The ATO has said if an SMSF cannot process rollovers via SuperStream, amounts cannot be rolled out of a fund.

Visit ATO website to learn more about these important changes

How will this affect Simple Fund 360 clients?

On 28 September 2021, BGL released a major update to its cloud-based SMSF administration software solution, Simple Fund 360, implementing the SuperStream changes. Funds can now initiate and receive rollover and release authority transactions directly from Simple Fund 360 using the new BGL Electronic Service Address (ESA). For more information check out the links below:

If you would like any further information or assistance, please reach out to your BGL Account Manager by email or on 1300 654 401.

How will this affect Simple Fund Desktop clients?

As we have previously advised, SuperStream rollovers are NOT supported in Simple Fund Desktop. Simple Fund Desktop clients can continue their relationship with Australia Post to collect contribution and rollover data, but this data CANNOT be imported into Simple Fund Desktop. You may still receive an email from Australia Post with details of contributions and from November rollovers or you can login to your Australia Post account where these details are displayed.

If you would like any further information or assistance, please reach out to your BGL Account Manager by email or on 1300 654 401.

What SuperStream services are supported by the new BGL ESA?

The new BGL ESA will support SuperStream contribution, rollovers and release authorities, but only if you are a BGL Simple Fund 360 client.

Can I register with the BGLSF360 ESA if I am not a Simple Fund 360 client?

To register with the new BGLSF360 ESA, the fund will need to be in Simple Fund 360. You can only register directly through the software. For more information on how to register, click here or speak to your accountant to see if they use BGL’s cloud-based SMSF administration software solution, Simple Fund 360.

What exactly is SuperStream?

SuperStream is the new standard for super transactions designed to improve the quality of data and improve processing efficiency for both employers and super funds. Our SuperStream Service will collect your contribution data from employers and distribute this data to your SMSF.

All trustees of SMSFs must comply with a new data and e-commerce standard. Employers will be able to send superannuation contributions and data to multiple funds in one standard electronic format, instead of sending information to separate funds in multiple formats.