BGL will be supporting both Rollovers & Release Authorities (RA) for Simple Fund 360 clients using BGL ESA.
BGL provides an Electronic Service Address (ESA) free of charge with an active subscription with SF360. This ESA provides a seamless fully integrated SuperStream solution for Contributions and Rollovers / RA as part of your Simple Fund 360 service.
An SMSF should have only one Electronic Service Address (ESA).
The new ESA will be a direct feed with notifications built into Simple Fund 360.
When migrating funds from Simple Fund Desktop, the fund will automatically be transitioned to the BGLSF360 ESA upon migration, if the fund was previously registered for SuperStream. For more information, click here.
SuperStream is part of the super reform introduced by the Australian Government to standardise the communication of superannuation payments. Under the reform, superannuation contributions and rollovers must be sent in an electronic format to the destination fund.
From 1 October 2021, SuperStream will become mandatory for all self-managed super funds to rollover super to or from their funds. The ATO has clarified that if an SMSF cannot interact via SuperStream, you cannot roll money out of your SMSF, including wind-ups.
From the Main Toolbar navigate to Connect.
|Select Superstream Dashboard
Select a fund from the SuperStream Dashboard.
|Waiting for registration to cancel.
|The registration for this fund has been cancelled.
|Fund has been sent to be registered.
|All funds will initially have this status.
|Fund has been registered for BGL ESA.
|Fund Registered has failed.
How to Register: New SuperStream registrations in Simple Fund 360
|From the Main Toolbar navigate to Connect.
|Select Superstream Dashboard
Select ALL Funds
Select the checkbox to the left of each fund you are registering for SuperStream and select Register.
You can quickly filter your fund list from the SuperStream Dashboard.
Simply search for the fund(s), or filter by registration status/labels using the filters on the right-hand side of the SuperStream Dashboard.
The Fund Registration screen will display. Input email recipients (up to five) who will receive a copy of the transactional information via email (in PDF format) when contributions, rollovers or release authorities have been received.
Select from the following Fund Relationships if they have been previously added to the Fund Relationships Screen, or select Other if not currently setup, to search for a contact from the Contacts Screen.
When a relationship is selected it will use the contact information attached including the email. The email address is editable on the Registration screen, and once changes are made to the email, it will be automatically updated for the contact in the Contacts Screen.
Notification Type: Toggle to choose the type of notifications to be sent to the recipients. Choose whether to subscribe to Contribution and/or Rollover and Release authority notifications.
Once completed, select Validate to proceed.
The Validation screen will display. Simple Fund 360 will check the validity of the ABN, the completeness of Fund Relationships and whether a fund's ABN has already been registered. Update this information through the validation screen to resolve any validation errors that appear.
Following the registration, it is recommended that you contact the SMSF trustees and inform them of the new Electronic Service Address (ESA) using the Trustee Notification Letter. You will also be able to provide them with the necessary information to pass on to their employers using the Employer Notification Letter.
You can generate Trustee Notification and Employer Notification Letters through Simple Fund 360 to send to the trustees to advise them about the SuperStream requirements:
- From the Main Toolbar, select Connect.
- Select SUPERSTREAM DASHBOARD.
- Select the All Funds tab, and click the checkbox beside the fund(s).
- Select Export and then select Notification Letters.
- You will be directed to the Reports screen. The Trustee Notification Letter, Employer Notification Letter, and Super Standard Choice Form can now be generated. If your firm does not have this report pack (as a user may have removed it) the letters are available for adding under Letters/Minutes.
- Select DOWNLOAD PDF to download the letters.
- If you wish to customise the letter, see the Custom Reports help for more information.
Ensure the details of the SMSF in Simple Fund 360 are accurate and matches with the ATO's record.
- Member and trustee details;
- SMSF Bank Account Details.
- Electronic Service Address (ESA).
To notify the ATO of any changes please refer to the ATO Help.
Registered Tax Agents can update the SMSF details via Online Services for Agents.
How to Add/Edit Email Recipients
Once your funds are registered for SuperStream, you can add additional recipients (up to five), or edit information regarding the existing recipients.
For more information on how to do so, click here.
Users can choose to cancel the registration with the BGLSF360 and/or AUSTPOSTSMSF ESA.
Navigate to Connect | SuperStream Dashboard.
Select ALL Funds
Select the checkbox besides the registered fund(s), and click Cancel.
Using the Change ESA feature, users can automatically de-register their fund(s) with AUSTPOSTSMSF, and register with the BGLSF360 ESA. For more information, click here.