The government yesterday announced that the date by which superannuation funds must comply with the SuperStream contributions data standards has been pushed back, a move which is said to provide “certainty” to SMSF trustees.
In a statement released yesterday, assistant treasurer Mathias Cormann said superannuation funds will have up to 1 July 2015 to meet the new standards.
The ATO will provide more information to industry through its regular consultative forums, according to the statement.
Speaking to SMSF Adviser, the SMSF Professionals’ Association of Australia’s Jordan George said this announcement from the government provides “more time and greater certainty” for employers and SMSF trustees who still need to take action to comply with the SuperStream contribution standards.
Mr George also said the delay in implementing the SuperStream contributions data standards provides certainty for SMSF trustees about when they need to provide information to their employer and obtain an electronic service address through an SMSF messaging provider.
“The previous 1 July 2014 start date had a ‘soft delay’ until 3 November 2014 as proposed by a draft ATO legislative instrument which allowed funds that had notified the ATO that they would not comply by this date extra time to comply,” Mr George said.
“The shift to 1 July 2015 also aligns this date with the proposed date for “small employers” to comply with SuperStream. However, we will be awaiting confirmation that this date will still apply to small employers.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
23 Jun 2017Trustees reminded of ‘positive’ CGT news as EOFY loomsBy Katarina Taurian
23 Jun 2017SMSF practitioners told to reassure clients in 30 June lead upBy Miranda Brownlee
23 Jun 2017SMSFs warned on 30 June cut off for electronic transfersBy Staff Reporter
22 Jun 2017Westpac veteran and SMSF exec set to departBy Staff Reporter
22 Jun 2017ATO sets compliance targets for auditors in 2017-18By Miranda Brownlee
22 Jun 2017CGT relief still plaguing trustees, says former ATO execBy Miranda Brownlee
- view all
Trustees reminded of ‘positive’ CGT news as EOFY looms
A capital gains tax (CGT) issue that was causing confusion in the industry has been cleared up by the ATO, and professionals are being remin...read more
SMSF practitioners told to reassure clients in 30 June lead up
With the focus predominantly on super members with above $1.6 million, it may be worth practitioners informing clients unaffected by the ref...read more
SMSFs warned on 30 June cut off for electronic transfers
With a significant portion of Australians missing the 30 June cut off last year when making non-concessional contributions, Colonial First S...read more
- view all