In a recent update, the ATO said all employers, Australian Prudential Regulation Authority-regulated funds and trustees of self-managed super funds (SMSFs) should be SuperStream (the standard) compliant.
The standard involves sending and receiving contributions and rollovers electronically in a prescribed format, with linked data and payments. It prescribes the minimum data set and electronic payment options that can be used.
The Commissioner of Taxation is responsible for ensuring employers and SMSF trustees comply with their obligations under the standard. APRA is responsible for ensuring the compliance of APRA-regulated super funds.
“We recognise there may be circumstances, from time to time, where it’s not possible for an employer or SMSF to comply with their SuperStream obligations,” the ATO said.
“Where we identify employers or SMSFs that aren’t SuperStream-compliant, we’ll work with you to identify any impacting issues in the first instance.”
The ATO warned it will have a range of compliance enforcement options to apply if the behaviour of the employer or SMSF doesn’t change.
These include issuing a direction notice or applying administrative penalties for not complying with the SuperStream obligations set out in the Superannuation (Industry) Supervision Act.
“For example, we may issue a direction notice requiring an employer or an SMSF to take certain actions (such as obtaining a certified SuperStream sending solution) to become compliant with the law,” the ATO said.
“If the employer does not comply with the direction notice within 21 days, we may impose an administrative penalty of up to $1,800.
“These penalties will be imposed or remitted in line with our principles for applying administrative penalties generally. This includes not penalising entities that have made an honest and reasonable attempt to comply.
“We may consider prosecution action if an entity persistently and consistently disregards its obligations under the standard.”
Final taxonomy files released
In its update, the ATO also noted that the final taxonomy files for the SuperStream data and e-commerce standard for rollovers and contributions are now available.
The taxonomy provides the information required to support implementation of the data and e-commerce standard.
The ATO said the final taxonomy files should be read in conjunction with the Data and Payment Standards – Contributions Message Implementation Guide and the Data and Payment Standards – Rollover Message Implementation Guide.
“You can view the message implementation guides by referring to Superannuation Data and Payment Standard and Associated Schedules” the ATO said.
“The final taxonomy has been updated to align with version 1.2 of the Contributions Message Implementation Guide and version 3.86 of the Rollovers Message Implementation Guide.”
We had a large fund ask us to send a paper copy? Go figure?
And, the mandatory date is 30/9/2021 in any case – so this sounds like the gun was jumped?
Until the ATO provide a free data-stream service, ALL FUNDS will not be able to report. The ATO are overlooking a persons right to choose NOT to use software and to prepare and lodge tax returns manually. I would love to see this challenged in court. This is clearly just about the ATO’s efficiencies and stuff the rest of us!
So now you can be fined for not sending contributions electronically in the preferred format, despite paying on time and never missing a payment. Is this about compliance, or just another data gathering exercise to keep Big Brother and his minions employed?
DavidL, its pretty simple, if you are having trouble, you should sack your accountant or payroll officer.
It’s not a question of having trouble. Why force change on people, with the threat of penalty for non-compliance, when they have no history of non-compliance under the existing system.
I question the underlying motive of the change, as much as the draconian implentation.
The contribution process is not changing…