Gov’t to extend SuperStream to SMSFs

17 July 2018
| By Hannah |
image
image
expand image

The Federal Government has today released draft regulations to extend SuperStream to self-managed superannuation fund (SMSF) rollovers, allowing members to initiate and receive rollovers electronically between their SMSF and an Australian Prudential Regulation Authority (APRA) fund.

Minister for Revenue and Financial Services, Kelly O’Dwyer, cited the benefits of electronic interactions between SMSFs and APRA funds as:

  • reducing compliance costs for SMSF and APRA trustees by reducing current manual, paper‑based processes;
  • expediting rollovers between APRA funds and SMSFs, which can currently take months to action; and
  • improving the integrity of the superannuation system with the mandatory use of the Australian Tax Office (ATO) SMSF verification service by APRA funds. This will verify SMSF data provided to APRA funds before a rollover can be processed.

“The Turnbull Government is supporting Australians who choose to manage their own superannuation through an SMSF by making it easier for them to roll their existing superannuation funds into an SMSF,” O’ Dwyer said.

The regulations would apply to SuperStream rollovers to SMSFs or from an SMSF requested from 30 November, 2019.

The Government invited stakeholders to provide feedback on the draft rollover regulations, with the consultation period closing on 3 August, 2018.

Read more about:

AUTHOR

Submitted by john on Tue, 07/17/2018 - 13:18

I assume this applies in both directions ? That is from SMSF to an APRA fund as well as APRA fund to an SMSF ? What about the winding up of the SMSF ?

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 15 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 6 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 10 hours ago