Update: the ATO has announced ‘compliance flexibility’ for small businesses which miss the SuperStream deadline.
SuperStream is part of the Stronger Super reforms designed to improve administrative efficiency in the superannuation system and reduce costs, partly by moving from paper-based records to electronic transactions. In stages, beginning 1 July 2013, APRA super funds, SMSFs and large and small employers will transition to using SuperStream for exchanging information regarding superannuation contributions and rollovers. The following important SuperStream dates come from the Superannuation Data and Payment Standards 2012 and ATO publications:
|Important dates for SuperStream|
|1 July 2013||APRA funds use SuperStream for Rollovers from this date|
|1 July 2014||Date for all super funds, including SMSFs, to support receiving electronic contributions informationStart date for SuperStream for Large Employers (20+ employees)|
|1 January 2015||Current expected date for SMSF to use SuperStream for Rollovers (see below)|
|1 July 2015||Start date for SuperStream for Small Employers (<20 employees)|
|1 July 2014- 1 July 2016||Transition period for Large Employers|
|1 July 2015- 1 July 2016||Transition period for Small Employers|
Source: ATO Key dayes for new data standards/ and ATO Employer FAQ
As noted in the above table, it is currently expected that SMSFs will have to use SuperStream for sending and receiving Superannuation Rollover information from 1 January 2015. APRA super funds already use SuperStream to transfer such information. However new regulations will have to be introduced to give effect to this requirement, along with the introduction of the SMSF Bank Account Validation Service. The SMSF Bank Account Validation Service was listed as “Further consultation required” on the list of Unlegislated Tax and Superannuation Measures“, however it seems that the consultation was not favorable to the proposed change as it was moved to “Do Not Proceed” in the follow-up media release. It is unclear at this stage the implications this will have for applying SuperStream to SMSF rollovers.
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