News : SuperStream

ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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Contributions, SMSF, SuperStream

Trustees still bypassing SuperStream

Research has shown a significant proportion of trustees are neglecting to use SuperStream when processing contribution transactions.

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Administration, ATO, Compliance, Regulation, SuperStream

Rollover timeframes work against trustees

SMSF Rollover Wind up SuperStream

SMSF trustees will continue to experience issues with rolling assets from a fund using SuperStream within the required timeframe due to unchanged limits in the system.

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Administration, ATO, SuperStream

ATO issues release authority guidance

ATO SuperStream Release authority Guidance

The ATO has provided guidance to rectify issues trustees may experience when using SuperStream with regard to release authorities.

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Administration, SMSF, SuperStream

SuperStream reducing rollover barriers

SuperStream SMSF rollover

SuperStream has made smaller rollovers more cost-effective, but the process still provides little feedback on what is taking place and potential problems that may occur.

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Compliance, Legislation, SMSF, SuperStream, Tax

$3m cap offers no revenue relief

Superannuation earnings tax penalty

Superannuants will not receive any relief from the revenue calculation associated with the $3 million soft cap in the event of a tax liability.

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SuperStream

SuperStream still a mystery to clients

superstream

SMSF practitioners will still need to guide clients through the SuperStream process which remains new to them after more than 18 months of operation.

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SuperStream

ESA providers to merge

ESA providers merge

Two electronic service address (ESA) providers will merge requiring SMSFs using their messaging services to update their details with the ATO.

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ATO, SuperStream

SuperStream solutions pending

SuperStream

A solution could soon be made available by the ATO for common problems SMSF trustees are experiencing when using SuperStream for fund rollovers.

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SuperStream

Two SuperStream components key

SuperStream components

Two components of the SuperStream system must be acknowledged by the trustees of a superannuation fund rolling over a member balance.

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