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SuperStream changes for SMSF

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions.

From 3 November 2014, employers will begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions electronically from their employers.

Employers will have a year to make this change so SMSF trustees should check with their employers about their start date.

To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages.  SMSF will also need to provide their employer with their ABN, bank account details and electronic service address to their employer.

The changes will result in a more timely and reliable flow of contributions and make it easier for employers. Funds do not need to upgrade their reporting software to comply with the changes.

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Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.