ATO interactions increase via SuperStream

19 April 2016
| By Mike |
image
image
expand image

Superannuation funds have been told to expect more interaction with the Australian Taxation Office (ATO) as both it and the Australian Prudential Regulation Authority (APRA) further bed down the SuperStream regime.

Both the ATO and APRA issued a letter to superannuation fund this week in which they outlined the responsibilities of trustees and compliance with the associated systems changes required by the new system.

The letter said the ATO, in consultation with APRA, was leading the change process with industry to ensure all sending and receiving solutions were ready for the change, or had appropriate mitigation in place to manage any delays.

"RSE licensees should now be undertaking steps to ensure they will be ready for the change by reviewing the readiness checklist," the letter said.

"Readiness reporting will commence on April 2016, with RSE licenses required to advise the ATO of key implementation dates by 30 April, 2016.

It said that contributions standard was scheduled for a major version upgrade in April 2017 to introduce the payment of ATO-sourced contributions, refunds and amendments, and to incorporate improvements recommended by the industry.

It said this upgrade was originally scheduled to align with the introduction of Single Touch Payroll changes foreshadowed by the Government and noted that the ATO would be consulting further with industry over coming months regarding timing in light of later implementation dates recently announced by the Government.

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

5 months ago
Kevin Gorman

Super director remuneration ...

5 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

5 months ago

The newly created role comes amid the fund’s ambitions to be a ‘merger partner of choice’ in the superannuation industry....

10 hours 32 minutes ago

Iress has issued an update denying the validity of “certain statements” made today by an alleged threat actor....

3 days 9 hours ago

The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month....

4 days 9 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND