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 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,” said Minister for Revenue and Financial Services Kelly O’Dwyer. Read more...

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 James O’Halloran said: “SuperStream has fundamentally moved the previously manual process between funds and fund members to standardised electronic processing, across industry, with inbuilt security and efficiency savings for fund members. SuperStream now provides a modern platform for further efficiencies in the superannuation industry and the sharing of services from the ATO.” Read more...

Small employers have until 28 October to be using SuperStream

SuperStream, small employers, 28 October 2016, ATO, compliance flexibility, 30 June, 19 or fewer employees, under 20 employeesThe 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 was similar to the approach taken with large employers. This ‘compliance flexibility’ is now coming to a end.

“We’ve given small businesses extra time to prepare and you now have until 28 October,” said ATO Deputy Commissioner James O’Halloran. Read more...

ATO to be ‘flexible’ on small business SuperStream compliance

ATO, SuperStream, Small business, deadline, 30 June 2016, 28 October 2016, extension, compliance flexibilityThe 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 Commissioner James O’Halloran.

“Through the ATO’s ongoing engagement with small businesses, we understand some need more time to implement their SuperStream solution or to work with a SuperStream expert to find a solution that suits their needs,” he said. Read more...

One-third of small business may not be SuperStream ready

SuperStream, small business, 30 June deadline, MYOBUpdate: 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 be compliant with SuperStream by 30 June 2016. Small businesses are defined, for this purpose, as 19 or fewer employees – the deadline for large employers to be SuperStream compliant has already passed. Note that SuperStream is not required for all superannuation contributions by employers. Read more...

Under 100 days till SuperStream deadline for small businesses

SuperStream, small business, ATO, deadline, 30 June 2016Update: 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) are already meant to be using SuperStream, while small employers (under 20 employees) have until 30 June 2016 to complete their implementation of the new system. Read more...

SuperStream accounts for over 70% of APRA fund contributions

SuperStream, ATO, employers, superannuation contributionsThe number of superannuation members benefiting from SuperStream continues to grow, according to the ATO.

SuperStream is a new system to electronically transfer information about super contributions between employers and super funds.

The ATO says that over 70% of members’ superannuation contributions to APRA-regulated super funds are now being sent using the SuperStream data standard.

“This is good news for the millions of super fund members who receive employer contributions as we are now seeing the promise of SuperStream efficiencies being delivered,” said James O’Halloran, ATO Deputy Commissioner for Superannuation. Read more...