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SuperStream to be extended to SMSF rollovers

First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but a change coming into effect on 30 November 2019 will now see this process extend to self-managed super funds (SMSF). This means rollovers between an APRA fund and an SMSF can be processed through SuperStream later this year, and the time taken could even be reduced to three days.

The streamlining of the rollover process between all funds aims to increase efficiency and reduce compliance costs. An example of this is the removal of the requirement to draw a cheque when rollovers are made from an SMSF to an APRA fund. Further, direct transfers between funds will give greater confidence when tracking the whereabouts of your money.

For a fund to receive a rollover, trustees will have to provide the ATO with the fund’s requested information – such as ABN, bank account details and internet protocol address – at least 10 business days before the fund receives the rollover.

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News

Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

September 24, 2020

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.