News

ATO, Superannuation

ATO rectifies two recent errors

The ATO has moved to rectify two errors recently detected with regard to SuperStream rollovers and the First Home Super Saver Scheme (FHSSS).

With reference to SuperStream rollovers, an incorrect version of the SMSF Verification Service Business Implementation Guide was published on 24 January to the sbr.gov.au site.

According to the SMSF regulator, the incorrect material will be urgently removed from the site and replaced with a correct version of the instruction.

In the meantime, the ATO pointed out the version of the guide that was published on the Let’s Talk facility as part of CRT Alert 093/2018 Extending SuperStream to SMSF Rollovers is correct.

The regulator noted once all the latest documents have been published, a CRT alert will be released.

The other error detected has to do with the FHSSS and involves release authorities for this arrangement issued after 18 January.

“These release authorities do not show a payment reference number (PRN) in the ‘How to Pay Section’ on page two of the release authority letter,” the ATO said.

To remedy the situation, the regulator recommends individuals use the PRN provided on the first page of the release authority statement form in the section marked member’s details. The associated release authority letter also includes the relevant PRN.

Individuals will be advised as to when the issue has been resolved.

Copyright © SMS Magazine 2019

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital