The ATO has confirmed the specific release authorities that will be included in the SuperStream system as it applies to SMSFs from 1 October.
In a video interview with SMSF Association technical manager Mary Simmons, ATO superannuation and employer obligations director and rollover project manager Belinda Black noted six release authorities will be subject to the new requirements, all of which have been identified as high-volume transactions.
“I’ll just quickly mention which ones they are. Excess concessional contributions, excess non-concessional contributions, excess non-concessional contributions tax, division 293 due and payable, division 293 deferred debt and the First Home Super Saver release authorities,” Black revealed.
“Having these in SuperStream will now allow the ATO to send them electronically, rather than via paper because they’re all paper at the moment.
“For funds this will reduce administrative costs, increase data integrity and timeliness around the release benefits for their members.”
While these release authorities are being included in the SuperStream system, she pointed out it will not be compulsory for SMSFs to meet this standard.
“SMSFs that do not have an ESA (electronic service address) or their ESA is not rollover enabled will continue to receive them via paper and that’s totally okay and acceptable,” she noted.
“If the SMSF’s ESA is enabled for rollovers, however, these will be received electronically through SuperStream.”
She acknowledged SMSF trustees may find understanding all of the SuperStream requirements a challenge and to this end directed them toward the regulator’s dedicated web page addressing the issue.
“We do have a dedicated web page on ATO.gov and it contains extensive information that supports the implementation of SuperStream rollovers for SMSFs. Again, the QC code is 61430,” she said.
During the same discussion, she listed the current digital service providers that are already SuperStream ready.
