ATO urges trustees to be SuperStream-ready
In light of concerns that trustees will not be SuperStream-ready by deadline, the ATO has issued a reminder to SMSF trustees about how they need to meet their obligations.
Recent SuperStream extensions and delays should not act as a reason for SMSF trustees to delay being SuperStream-ready, the ATO stated.
The ATO reminded SMSF trustees that from 1 July this year, employers with 20 or more employees will start using the SuperStream standard to send contribution data and payments electronically.
From 1 July 2015, employers with 19 or fewer employees will also be required to send contributions data and payments electronically – however, the ATO cautioned that some may choose to implement SuperStream sooner.
“With over 350,000 SMSFs in Australia receiving contributions, SMSF professionals should be advising their clients to check with their employer about when they are planning to send contributions using SuperStream. Your clients should have all their details organised at least 60 days before the planned start date,” Philip Hind, ATO data standards and e-commerce national program manager told SMSF Adviser.
“Trustees need to set up an electronic service address - the destination for the contribution message - which can be obtained from a relevant service provider. This allows you to access this information via a login or email, depending on the service.
“Alternatively most administration software packages will be able to receive SuperStream-compliant messages and integrate with incoming bank account data automatically for their clients. So trustees using accounting or administration services may find they have a simple way to get this done.”
Mr Hind noted practitioners will need to inform their clients of the details to provide their employer - their fund ABN, bank details and the electronic service address.
“They should do this prior to their employer’s implementation of SuperStream,” Mr Hind said.
See more from Philip Hind in an upcoming SMSF Adviser ‘Opinion’ bulletin.