SMSFs urged to get on with SuperStream
The Australian Taxation Office (ATO) is urging self-managed super fund (SMSF) trustees who receive super contributions to get ready for SuperStream.
ATO's national program manager, data standards and e-commerce (SuperStream) Philip Hind said SMSFs get paid directly to their accounts and real-time remittance data lets trustees see errors right away.
"The long term benefits for SMSF trustees also include a reduction in paper shuffling with the availability of an electronic record to help support accounting and tax obligations," he said.
Large or medium-sized employers (20 or more employees) have to apply SuperStream by no later than 30 June 2015 while small employers (19 or fewer employees) have to apply it by 30 June 2016.
"There is flexibility for employers who continue to pay contributions with existing processes until they fully implement SuperStream," Hind said.
"At this stage the ATO is emphasising education and support for employers and the SMSF industry during the introduction of SuperStream."
SMSF trustees should have all their details at least 60 days before the planned start date. Trustees need to give their employer the ABN of their fund, an electronic service address (for the contribution message), and up-to-date bank details for the payment.
Trustees can get an electronic service address from an SMSF messaging provider to get contribution remittance information.
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