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Re: SMSF new employment forms

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I have just begun a new job and I need the appropriate forms to complete and then give to my employer. The standard forms have no sections for my "cash management account" banking, so they can't deposit funds? What forms do I need to complete when starting new employement with a self managed super fund?

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ATO Certified

TaxTime Support

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Hi @comah888

 

Welcome to our Community.

 

@Bruce4Tax is correct.

 

If you are after a form that you can use to provide your employer with all of the information that @Bruce4Tax has correctly advised your employer will need, you can use the superannuation standard choice form.

 

You can download the form by visiting the superannuation standard choice form page on our website.

 

Section A is for the employee to complete. As you will be nominating your self-managed super fund (SMSF), you will need to mark the appropriate box at item 1 then ensure that the required fields are completed at items 2, 4 and 5.

 

Items 2 (your name, employee identification number and tax file number) and 5 (check box, signature and date) are self-explanatory. Item 4 requires you to provide your SMSF's:

  • Australian business number (ABN)
  • name
  • address
  • phone number
  • electronic service address (ESA)
  • BSB code and account number
  • confirmation of compliance status

 

If your SMSF doesn't have an ESA, you can obtain one by registering your SMSF with a messaging provider or as @Bruce4Tax advised, SuperStream provider. You can access the register of SMSF messaging providers on our website.

 

If you're not familiar with your SMSF's SuperStream requirements, you can refer to the self-managed super funds section of the SuperStream page on our website.

 

Your SMSF can have more than one bank account. Some SMSF accounts may be set up for investment purposes and may not be able to accept contributions.

 

The BSB code and account number that you provide to your employer must be for a bank account in the name of the SMSF that is able to receive contributions from your employer. For more information, check out the set up a bank account page.

 

As explained on the form, you can locate and print a copy of your SMSF's compliance status by conducting a search on our Super Fund Lookup website using your SMSF's ABN or fund name.

 

Your employer should be able to make super payments to your SMSF after you have completed the required information (as outlined above) and provided them with this form.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Devotee Registered Tax Practitioner

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Steps to follow:

 

1.  Your fund needs to be registered with a superstream provider

 

2.  You need to supply your employer with the SMSF ABN, bank account details, and superstream provider code.

 

3.  Employer enters details into their superstream site.

 

My son is a member of our SMSF, and we just follow this process whenever he changes jobs.

 

Best answer

ATO Certified

TaxTime Support

Replies 1

Hi @comah888

 

Welcome to our Community.

 

@Bruce4Tax is correct.

 

If you are after a form that you can use to provide your employer with all of the information that @Bruce4Tax has correctly advised your employer will need, you can use the superannuation standard choice form.

 

You can download the form by visiting the superannuation standard choice form page on our website.

 

Section A is for the employee to complete. As you will be nominating your self-managed super fund (SMSF), you will need to mark the appropriate box at item 1 then ensure that the required fields are completed at items 2, 4 and 5.

 

Items 2 (your name, employee identification number and tax file number) and 5 (check box, signature and date) are self-explanatory. Item 4 requires you to provide your SMSF's:

  • Australian business number (ABN)
  • name
  • address
  • phone number
  • electronic service address (ESA)
  • BSB code and account number
  • confirmation of compliance status

 

If your SMSF doesn't have an ESA, you can obtain one by registering your SMSF with a messaging provider or as @Bruce4Tax advised, SuperStream provider. You can access the register of SMSF messaging providers on our website.

 

If you're not familiar with your SMSF's SuperStream requirements, you can refer to the self-managed super funds section of the SuperStream page on our website.

 

Your SMSF can have more than one bank account. Some SMSF accounts may be set up for investment purposes and may not be able to accept contributions.

 

The BSB code and account number that you provide to your employer must be for a bank account in the name of the SMSF that is able to receive contributions from your employer. For more information, check out the set up a bank account page.

 

As explained on the form, you can locate and print a copy of your SMSF's compliance status by conducting a search on our Super Fund Lookup website using your SMSF's ABN or fund name.

 

Your employer should be able to make super payments to your SMSF after you have completed the required information (as outlined above) and provided them with this form.

 

Hope this helps.

 

Thanks,

 

ChrisR

Newbie

Replies 0

Thank you so much for your excellent detailed response!!! 

 

BEST WISHES!

 

peter 

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