On 17 July 2018, Treasury released exposure draft legislation which broadly extends the operation of SuperStream to cover self managed superannuation funds (‘SMSFs’). Any information provided on this website (including any blog posts) are mere summaries and general information provided for educational purposes only. The Treasury Laws Amendment (2018 Measures No.

Please consider your personal circumstances before making any financial decisions. To use SuperStream an employer may need to collect additional information from employees, in addition to the information it already uses to pay super.

18 0 obj <> endobj xref Waiting weeks and sometimes months to roll funds to an SMSF will soon be over!

These can therefore be made using existing processes. Your SMSF doesn't need to use SuperStream if it doesn't receive any employer contributions, or the only employer contributions are from a related-party employer.

This is no substitute for expert advice. The standard message format allows member and contribution data to be sent between employers, funds, and clearing houses and gateways. 18 47

SMSF succession planning — who receives the benefits and who gains control? Timely action should be taken to determine what changes are needed and what action is required in view of your circumstances. DBA Network Pty Ltd provides comprehensive SMSF training. 0000028328 00000 n trailer <<0371D93E7E2A472C8161620F4C915862>]/Prev 400532>> startxref 0 %%EOF 64 0 obj <>stream 0000010641 00000 n Exemptions. Trustees should carefully review the detailed terms and conditions of each service provider. 0000009926 00000 n Currently SMSFs only need to be able to receive contributions and rollovers through SuperStream. Be aware that a super fund has only one ABN, but it may have more than one USI: the USI is used to identify super funds and individual super fund products for electronic rollovers and contributions. Small employers can also utilise the free services offered by the Small Business Superannuation Clearing House to streamline their compliance. H�\��j�0����l/����L`�����˦� ��d �(�E޾:>�kH�{F��|����0��g����q}���;o�4���L?t����ߝ�)�S��v��y�c�4&��^^�x3w?�����=�>�d�~o��&�_��?�0�¬צ���赝�ڳ7�R�����a�=��_|�&o�幤L7��2���m8��)ҵ6�K�֙��]Ͳñ��Ƭ��qQ�[�G�#xE^���-�����fm�ں$���\�kr �dvd~! Contributions made to an SMSF from a related party employer are exempt from SuperStream. “If non-concessional contributions did fall into the remit of the SuperStream regulations, it had the potential to create a compliance burden for SMSF trustees, especially for older and established SMSFs that don’t receive employer contributions and have no real need for SuperStream. Most likely it will have an existing SuperStream-compliant clearing house service, featuring an online solution for payment of contributions and comprehensive reporting. As this is a public website, we can't respond to your feedback directly. Depending on your SuperStream solution, you may have to provide additional employer data such as an email address, contact person or phone numbers when making a contribution. Will we use your feedback to improve your Sunsuper online experience.

This article was produced by The Australian Financial Review in commercial partnership with MLC Limited and should not be taken as financial product advice. The ATO will help employers to comply with their obligations through education and support. However, for many SMSFs this requirement can seem overwhelming. The first step an employer must make is to choose an option through which to pay super contributions, and send employee information, electronically. APRA funds have up to 1 July 2015 to comply with the SuperStream standard. Former Labor deputy premier Jackie Trad is the biggest casualty in the Queensland election. 0000385607 00000 n 0000004411 00000 n 0000052259 00000 n Regulated superannuation funds (ie, both APRA funds and SMSFs) must plan when they will become ready to receive contributions and data in the new SuperStream electronic standard. The Government announced in July that SuperStream, which previously applied to large super funds, would be extended to SMSFs.

0000001564 00000 n 0000013128 00000 n 0000009182 00000 n I just have a question regarding my own super contributions into SMSF. Queensland Premier Annastacia Palaszczuk said Labor would be able to form majority government. There are also alternative options that allow a transitioning in to 1 July 2017. Download date: 31/10/2020 Copyright © DBA Lawyers Pty Ltd. As a law firm DBA Lawyers Pty Ltd is not licensed to give financial product advice under the Corporations Act 2001 (Cth). If you have employees who have their super contributions paid into an SMSF, you need to have the fund's ABN and bank account details (including BSB), and the fund's electronic service address (ESA). Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard. Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter? MLC Limited has not contributed to, and is not responsible for content, nor is The Australian Financial Review a representative of MLC Limited. This alternative start date can be any date up to 1 July 2015. 0 ��0 endstream endobj 31 0 obj <>stream You must obtain the USI of all of your employees' super funds. 0000029168 00000 n “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 the then Minister for Revenue and Financial Services Kelly O’Dwyer when the change was announced. Ideally, employers with 19 or fewer employees should be SuperStream ready, and have made at least one payment to ensure that the system is running smoothly before the October 28 deadline. personal contributions – for example if you’re a sole trader and you contribute to a super fund yourself. Are there any exemptions? 0000012018 00000 n the Unique Superannuation Identifier (USI) if paying to multiple funds. The ES says that under SuperStream SMSFs may be required to provide the ATO with a Unique Superannuation Identifier (USI – “which is likely to be their ABN”), bank details that can receive electronic payments and “an internet protocol address or other digital address approved by the Commissioner that can facilitate SuperStream communication”. Information and inspiration to help you plan your future, manage your super and enjoy your retirement. For more information, please click here. A super fund may have one USI, or it may have a USI for each product. 0000004887 00000 n The FVS is a free web service developed by the ATO that will allow employers to look-up or validate e-commerce details of APRA funds (and not SMSFs). Refer to the ATO’s Compliance Statement on the ATO’s website. Regulations to extend the operation of SuperStream to #smsf rollovers have now been made. No matter what kind of super fund an employee has, the payroll file you submit must have each employee's tax file number (TFN) and the fund's Australian business number (ABN). -�E��Ǩ(I SMSFs will use their ABN. The SuperStream measures that were originally planned to generally apply from 1 July 2014 haven been deferred to 1 July 2015. 1-7-2016: Employers with 19 or fewer employees — SuperStream ready See also notes 1 & 3.

Extending SuperStream to SMSFs supported by SMSF Association. Business owners that are contributing to their own SMSF are exempt, and can continue to make their contributions as usual.

for an employee, regardless of payment method: Protecting Your Super Package legislation, Lifecycle Investment Strategy (default option), Automatic Death and Total & Permanent Disability Assist cover, Insurance in Superannuation Voluntary Code of Practice, Putting Members Interests First (PMIF) legislation, pay employee contributions to Sunsuper using EOL, Sunsuper offers a free clearing house service. There are also several commercial clearing houses in the market. Donald Trump and Joe Biden crisscrossed battleground states as their campaigning reaches a final fever pitch. 0000025451 00000 n If you are using a clearing house, check how long they will take to send the money and information to the super fund. This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. SuperStream is essentially an efficiency measure, requiring the electronic processing of super contribution data according to a prescribed data standard. We support local causes that help improve the lives of many Australians and our communities. 0000028691 00000 n

You don’t need to use SuperStream for: contributions to your SMSF if you’re a related party employer. For example, how are privacy issues, mistaken payments and complaints dealt with? — Peter Burgess (@PeterBurgessAMP) September 28, 2018. 0000007678 00000 n The employer may even be able to continue paying by cheque if their agent manages the electronic transfer of the SuperStream information and payment on their behalf. send all contribution data electronically in a standard message format, or by an alternate arrangement such as a compliant fund portal, make contribution payments electronically and, ensure data and payments are sent on the same day, and. 0000057497 00000 n 0000028544 00000 n The employer must have for each employee a tax file number (TFN), the Australian business number (ABN) of the nominated super fund, and the unique superannuation identifier (USI) of the fund. Is it time to take charge? It's up to you to institute a compliant system for this. However, the ATO will consider hardship cases on an individual basis.

All superannuation funds must now have a unique superannuation identifier (USI), which replaces the previous Superannuation Product Identification Number (SPIN).

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