SuperStream for SMSF rollovers officially deferred to 31 March 2021

The extension of SuperStream to SMSF rollovers has been officially deferred to 31 March 2021, with the making of the required regulations. SuperStream was to be extended to SMSFs from 30 November 2019. In the 2019/20 Budget it was announced that this start date would be deferred, so that system changes to SuperStream – the… Continue reading SuperStream for SMSF rollovers officially deferred to 31 March 2021

Government confirms SuperStream for SMSFs deferred

The Government has confirmed that extending SuperStream to SMSFs will be delayed to March 2021, with the regulations in the works. Included in the 2019 Federal Budget was a change to SuperStream, along with a delayed start of SuperStream for SMSFs – from 30 November 2019 to 31 March 2021. Recently industry members have said… Continue reading Government confirms SuperStream for SMSFs deferred

SuperStream to apply to SMSFs starting December 2019

The superannuation data sharing system SuperStream will be extended to SMSFs from 30 November 2019, now that regulations have been made. The Government announced in July that SuperStream, which previously applied to large super funds, would be extended to SMSFs. “The Turnbull Government is supporting Australians who choose to manage their own superannuation through an… Continue reading SuperStream to apply to SMSFs starting December 2019

SMSFs should consider digital capability ahead of SuperStream changes

The ATO is encouraging SMSF trustees and professionals to consider how ready they are to transact digitally, in light of the plan to extend SuperStream for rollovers to SMSFs. ATO Assistant Commissioner for Superannuation Dana Fleming told the SMSF Association Technical Day in Brisbane that extending SuperStream rollovers to SMSFs was a “major” reform for the… Continue reading SMSFs should consider digital capability ahead of SuperStream changes

SuperStream for rollovers to be extended to SMSFs in 2019

The Government has released draft regulations to extend SuperStream for rollovers to SMSFs. Currently only rollovers between APRA funds can be transferred using the electronic SuperStream system. Under the draft regulations SuperStream for rollovers would be extended to SMSFs receiving or making rollovers on or after 30 November 2019. “The Turnbull Government is supporting Australians… Continue reading SuperStream for rollovers to be extended to SMSFs in 2019

SuperStream is delivering $3.2 billion a year in savings to members, funds, employers

SuperStream, the system for electronic transfer of superannuation contributions information, is delivering an estimated $3.2 billion a year in savings, according to the ATO. The ATO says that 95% of superannuation payments are now digital, enabling faster rollovers and easier consolidation, leading to a “sustained” drop in the number of lost super accounts. Deputy Commissioner… Continue reading SuperStream is delivering $3.2 billion a year in savings to members, funds, employers

Small employers have until 28 October to be using SuperStream

The ATO has reminded small employers that they have until 28 October 2016 to be using SuperStream. Small employers, defined for SuperStream purposes as 19 or fewer employees, were meant to be using SuperStream from 30 June 2016. However in June the ATO said it would not take compliance action against small employers for four months, which… Continue reading Small employers have until 28 October to be using SuperStream

ATO to be ‘flexible’ on small business SuperStream compliance

The ATO has announced that small businesses which miss the 30 June deadline for SuperStream compliance will receive ‘compliance flexibility’ until the 28th of October. “The ATO will not be taking compliance action against small businesses who miss the 30 June deadline and will continue to work to support them to get SuperStream ready,” said ATO Deputy… Continue reading ATO to be ‘flexible’ on small business SuperStream compliance

One-third of small business may not be SuperStream ready

Update: the ATO has announced ‘compliance flexibility’ for small businesses which miss the SuperStream deadline. MYOB says one-third of small businesses are running the risk of not being ready for the 30 June SuperStream deadline. SuperStream is a new system for electronically reporting superannuation contributions data to super funds. Many small businesses will be required to… Continue reading One-third of small business may not be SuperStream ready

Under 100 days till SuperStream deadline for small businesses

Update: the ATO has announced ‘compliance flexibility’ for small businesses which miss the SuperStream deadline. The ATO has warned that small businesses have less than 100 days to get ready for SuperStream. SuperStream is a new electronic data standard for passing information about superannuation contributions between employers and super funds. Large employers (over 19 employees)… Continue reading Under 100 days till SuperStream deadline for small businesses