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SMSF - electronic service address?

Discussion in 'Accounting & Tax' started by thesuperman, 5th Aug, 2015.

  1. thesuperman

    thesuperman Well-Known Member

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    Does anyone know what is an "electronic service address" for an SMSF? My mum's employer has said that from now on they need this for their payroll department to pay super into an SMSF.
     
  2. Chilliblue

    Chilliblue Well-Known Member

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    Whoever holds your SMSF's monetary account has it for you and it allows an employer to pay into it
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Chilliblue likes this.
  4. thesuperman

    thesuperman Well-Known Member

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    We use a credit union so they are holding the bank account. Should we ask them to provide it for our SMSF?
     
  5. thesuperman

    thesuperman Well-Known Member

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    Reading through all of this is a bit confusing & seems like a load of government BS made to make things more complicated. Is this electronic service address provided for free or something that they will charge a yearly fee for an SMSF?
     
  6. Chilliblue

    Chilliblue Well-Known Member

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    Better explained Terry
     
  7. Chilliblue

    Chilliblue Well-Known Member

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  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Fees are involved.
     
  9. Redwood

    Redwood Well-Known Member

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    Hi there,

    There is a free service called SMSF Dataflow, don't mind if you use ours, do you have an SMSF accountant? they should have mentioned this to you.

    Here are the instructions on our site - we chose the FREE option, clear instructions in the blog
    https://redwoodadvisory.com.au/smsf-ready-superstream/

    Most employers have been reactive and it has been a massive rush to get it done.

    hope that helps!

    Cheers Ivan
     
  10. MikeLivingTheDream

    MikeLivingTheDream BCOM MCOM MTAX CPA CTA Registered Tax Agent

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    Yes all our clients are on Class super so we are using the same Redwood smsfdataflow. No accountant should charge you for this service in my opinion. They are paying for the software already and it's part of the cost.
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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    Assuming you have an accountant who manages your SMSF for you - just ask them what your ESA is.
     
  12. Redwood

    Redwood Well-Known Member

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    Not everyone is using Class, I don't charge for SMSF Dataflow - however in my opinion an accountant does have a right to charge, no matter how many emails you distribute re superstream - you still have a heap of questions and I spend alot of time instructing useless employers what to do and correspond for the client.

    The whole process has been poorly implemented and of course its last minute.

    Cheers, Ivan
     
  13. thesuperman

    thesuperman Well-Known Member

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    I've emailed all those ones on the ATO site list who offer it. Many offer it for free. These are the free ones:

    SMSF Dataflow
    My Wealth Mailbox
    SuperCorp
    Clicksuper

    Not sure if it would make any difference which one you use though.
     
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  14. thesuperman

    thesuperman Well-Known Member

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    We do the SMSF tax return ourselves & give it to the accountant to give it to the auditor to audit it. It's been a very simple SMSF return as there's really not much happening with it.