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. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week 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 ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 6 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 6 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 7 hours ago