Masterclass – SMSF – Acceptance of Rollover & Contributions – New Standards?

SMSF – Acceptance of Rollover & Contributions – New Standards?

SMSF – Acceptance of Rollover & Contributions – New Standards?

Part of the new Super Stream measures, commencing 2013, require super funds to follow standards for electronic service and payments concerning rollovers and contributions, detailed in the Superannuation Industry (Supervision) Amendment Regulation 2012 (No 5) and Superannuation Data and Payment Standards 2012 Legislative Instrument. The new standards are part of the Standard Business Reporting (SBR) framework, which seeks to establish a common data and e-commerce standard for more efficiency and will be phased in over the next few years:

1 July 2013 – Australian Prudential Regulation Authority (APRA) funds must begin to use the new standard to receive and pay rollovers to SMSFs when the electronic service and payment details are provided by the SMSF;

1 July 2014 – All contributions from medium and large employers must be received in the new data and e-commerce standard (Unless a related party employer eg your own company);

1 January 2015 – New standards will apply for payments and receipts of rollovers (subject to any new regulation);

1 July 2015 – All contributions from small employers (under 20 employees) and non-related employers must be sent in the new data and e-commerce standard subject to further consultation.

Related-party contributions employers are exempt from the data message requirements under Regulation 7.07F(2), which will assist small business owners paying their own super into SMSFs.

SMSFs will also need to review their administration to ensure they can receive the new electronic messages and payments through means such as an administration service, upgraded financial accounting software or subscription to a messaging delivery service. The ATO has PDFs to download based on the information sessions it presented to assist with understanding the new obligations.

See the full details at the ATO site HERE.

Update – this is under repeal and further news is pending upon review.

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