SUPERCentral News
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.
SMSFs must now appoint their auditor at least 45 days before the lodgement date of the return.
SMSFs which were established during the 2012/13 financial year must lodge their first SMSF annual return by 28 February 2014.
Where the registration of an SMSF has to be cancelled, tax agents can now use the Tax Agents Portal to effect the cancellation.
According to the Actuaries Institute of Australia, an individual aged 65 and now commencing retirement will have a life expectancy of 21 years for males and 24 years for females.
The current version of the SUPERCentral Governing Rules - Version 11/13 which applied on and from 27 November 2013 - has been registered under the Queensland Land Title Act as a standard terms document. The reference number is 715488402.