SUPERCentral News
If you have one or more members who are employed by a large employer (has 20 or more employees) and you expect to receive employer contributions from that employer on or after 1 July 2014 then you must provide to the employer:
Yes you can. Unfortunately, this exception is not as generous as it may seem.
If you wish your SMSF to receive any payment to which Superstream applies - our SMSF must be registered for such payments.
Yes, but in doing so the SMSF will not be paid any employer contributions for its members (unless the contributions are entirely related party employer contributions) and will not be paid any benefit transfers and rollovers.
The introduction of Superstream to employer contributions made to SMSFs will be staggered over two years.
Superstream will not apply to the following types of SMSFs:
It will affect SMSFs if they receive employer superannuation contributions.
Superstream will not apply to member contributions, spouse contributions and third party contributions.
The electronic funds transfer of employer contributions was a recommendation of the Cooper Super Review.
It seems likely that the currently "not included" superannuation payments - namely SMSF to SMSF benefit transfers and SMSF to retail/industry transfers will eventually be included once the introduction of the system is bedded down and the system becomes the new normality.
Superstream (no relation to SUPERCentral) is the name of the new electronic payment system for employer superannuation contributions and benefit rollovers and transfers.
The ATO maintains a listing of all approved Superstream SMSF messaging providers on the ATO website.
There are a number of alternatives (with significantly different practicability) which are briefly set out below.
The ATO has just released the employment termination benefits tax rates which will apply in respect of the 2014/15 financial year.
The Big News is the increase in the "ordinary" concessional contribution cap from $25,000 to $30,000 and the flow on effect of this increase on the non-concessional contribution cap and the "bring forward" cap.
The ATO has just released the super thresholds which will apply in respect of the 2014/15 financial year.
One critical element of a limited recourse borrowing arrangement is that the asset which has been acquired by means of a limited recourse borrowing arrangement must be held in trust for the SMSF.
SMSFs have now exceeded both the half a billion and half a million barriers according to recently released APRA Statistics.
From 1 July 2014 significant changes will apply to SMSFs which receive contributions from unrelated employers and rollovers and benefit transfers.
If an SMSF has two or more returns outstanding (ie not lodged rather than the epitome of a neat and complete return) the ATO will now treat the SMSF as a non-person by removing their entry from the Who's Who of SMSFs: namely Super Fund Lookup.