SMSFs urged to get on with SuperStream

19 June 2014
| By Malavika Santhebennur |
image
image
expand image

The Australian Taxation Office (ATO) is urging self-managed super fund (SMSF) trustees who receive super contributions to get ready for SuperStream.

ATO's national program manager, data standards and e-commerce (SuperStream) Philip Hind said SMSFs get paid directly to their accounts and real-time remittance data lets trustees see errors right away.

"The long term benefits for SMSF trustees also include a reduction in paper shuffling with the availability of an electronic record to help support accounting and tax obligations," he said.

Large or medium-sized employers (20 or more employees) have to apply SuperStream by no later than 30 June 2015 while small employers (19 or fewer employees) have to apply it by 30 June 2016.

"There is flexibility for employers who continue to pay contributions with existing processes until they fully implement SuperStream," Hind said.

"At this stage the ATO is emphasising education and support for employers and the SMSF industry during the introduction of SuperStream."

SMSF trustees should have all their details at least 60 days before the planned start date. Trustees need to give their employer the ABN of their fund, an electronic service address (for the contribution message), and up-to-date bank details for the payment.

Trustees can get an electronic service address from an SMSF messaging provider to get contribution remittance information.

Read more about:

AUTHOR

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 9 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 9 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 10 hours ago