Need to fill in this form again for employer when using same SMSF, just changing bank accounts?

Discussion in 'Superannuation, SMSF & Personal Insurance' started by money, 8th Jul, 2019.

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  1. money

    money Well-Known Member

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  2. JohnPropChat

    JohnPropChat Well-Known Member

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    Yup. I did this as well. Not aware of any other forms that is used to update superannuation details
     
  3. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    I would not have thought such a form would even be relevant any more. The employer has to pay your super via SuperStream, and the SuperStream system is where your SMSF nominates its receiving bank account. Surely all your employer needs is your SMSF name, ABN, and Electronic Gateway Provider for SuperStream...
     
  4. JohnPropChat

    JohnPropChat Well-Known Member

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    I thought SuperStream in the case of SMSFs is for contribution data only. One still has to supply bank account details and ABN.
     
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  5. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    I just double checked how I've got it set up. One forgets after one sets it all up :)

    SMSF owners have to have an electronic gateway provider. I thought I did put bank details in there years ago when I set it up but perhaps not, as I can't see it in the settings anywhere.

    Employers now have to use a clearing house to make contributions. The bank account details are stored in there (entered by the employer). So yep you're right. It's a silly setup though... there ought to be a central register of SMSF bank account details (perhaps with the electronic gateway provider) where the SMSF members can enter the bank account details and contributions know where they need to go by merely having the SMSF gateway provider and ABN.
     
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  6. JohnPropChat

    JohnPropChat Well-Known Member

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    The PayID system already does this for ABN numbers (which are unique anyway). Not all banks have done this yet. Macquarie CMA is a great product but still doesn't have it and last time I checked about 30% of all SMSFs use this.
     
    JacM likes this.