The Government has released a media release confirming that super funds (including SMSFs) and employers now have up to 1 July 2015 (rather than 1 July 2014) to comply with the new SuperStream obligations. These requirements include that all contributions from unrelated “medium and large” employers (ie with 20 or more employees) be made electronically and that affected super funds (including SMSFs) must supply employers with their ABN, bank account details and an electronic service address.
Therefore, such employers can continue to make non-electronic contributions for the 2014/15 year and affected super funds are not required to obtain an electronic service address until early to mid-2015.
There has been no comment as to whether the SuperStream measures affecting ‘small’ employers (ie less than 20 employees) will also be pushed back (these measures were due to commence 1 July 2015). According to the media release, the ATO will provide further information to industry via regular consultative forums.
Download a PDF version of this article: Stronger Super and SMSFs – SuperStream start date delayed
For further Information please contact:
Phil Broderick
Principal
Sladen Legal
03 9611 0163
pbroderick@sladen.com.au
or
Melissa Brazzale
Lawyer
Sladen Legal
03 9611 0161
mbrazzale@sladen.com.au