If you work as a GP or are involved in running a general medical practice you would be aware of the various state revenue offices reviewing the payment methods of GP practices and the application of payroll tax legislation regarding those payments.
SMSF SUPERSTREAM CHANGES 1st OCTOBER 2021
From 1 October 2021, SMSF SuperStream will become mandatory for all self-managed super funds to rollover super to or from their funds.
WHAT IS SMSF SUPERSTREAM?
Introduced in 2014, SuperStream digitalised the process in which super funds collected SG Contributions from employers.
Since its introduction, many employers have adopted SuperStream to make payments to SMSF’s and APRA-regulated funds. One benefit is the ability to make contributions in a single transaction if multiple super funds are involved.
SuperStream has reduced the prevalence of lost accounts and unclaimed money ten-fold, as the data is linked to a unique payment reference number.
SuperStream will allow for rollovers & contributions to be processed faster and with more efficiency whilst simultaneously reducing errors.
Additionally, it is a safe channel for transferring contribution & rollover information as all SuperStream communications are encrypted.
HOW TO SET-UP SUPERSTREAM?
To utilise SuperStream, you must ensure you have the following details:
· Electronic Service Address (ESA)
· Australian Business Number (ABN)
· Ensure your SMSF details are up to date with the ATO (specifically, confirming your current SMSF bank account is correct).
An ESA is an alias used by an SMSF that acts as a digital inbox to receive messages related to SuperStream. An ESA is most easily obtainable through an SMSF Intermediary, such as a specialist SMSF accounting software. Alternatively, SMSF members can apply for an ESA through an SMSF Messaging provider.
Delays in the process may occur if a transferring fund finds a discrepancy between the details held by the ATO and an SMSF’s bank details.
If you are unsure where to obtain any of the above information, your current tax agent, SMSF Administrator, or current service provider will likely have this on file.
If the trustees have failed to implement SuperStream before October 1, the SMSF will not be able to process rollovers to and from the fund.
The ATO can penalise funds that are not compliant with the new SuperStream requirements by way of a direction notice or financial penalty.
FOR MORE INFORMATION