The requirement for SMSFs to use the SuperStream system to process member rollovers has made prudent fund management more critical.

Superannuation trustees have been provided with more information by the ATO to address some of the common issues with SuperStream.

The ATO has released a detailed guide for individuals interested in establishing an SMSF, pointing out the importance of professional advice in the process.

The ATO has warned individuals to remain vigilant following an increase in cold-calling scams focused around SMSFs.

The number of practitioners failing to meet their obligation as trustees to lodge the fund’s annual return on time is of concern to the ATO.

Practitioners are seeing very few rollovers from public offer funds to SMSFs occur within the required time frame under the SuperStream system.

The ATO has encouraged trustees and advisers to provide input on plans to extend COVID-19 rent relief measures where a fund has been providing rent relief to tenants.

The ATO’s position to date not to impose penalties for the late lodgement of transfer balance account reports cannot be expected to last.