The Australian Taxation Office is calling on SMSF trustees to be organised and proactive in the transition to new SuperStream regulations, which will be introduced from 1 July, 2014.
The changes will require SMSFs to receive employer contributions electronically. As such, the ATO is urging trustees to ensure their ABN, bank account details and electronic service addresses are submitted to their employer as soon as possible.
According to the tax office, “the changes will result in a more timely and reliable flow of contributions and make it easier for employers”.
The SuperStream legislation comes as part of a wider ATO initiative to increase its presence and effectiveness in the SMSF industry, as the sector continues to grow in popularity.
“With the popularity of SMSFs continuing to grow, we want to work with trustees and their advisors to improve compliance and make sure they are prepared for several regulatory changes that will be rolled out over the next year,” ATO deputy commissioner of superannuation, Alison Lendon said.
These changes were discussed at the annual SMSF Professionals Association of Australia (SPAA) conference in Brisbane last week.
The deputy commissioner also used her address to the conference to discuss the new ATO penalties and regulations for non-complying SMSF trustees.
“In some cases these changes will impact the way SMSFs operate so for the ATO our focus will continue to be on education and support to ensure trustees understand the rules,” Lendon said.