Superstream

SuperStream is the name given to the package of proposals for improving the processing of everyday superannuation transactions.

As part of SuperStream, the Government intends to improve the quality of data in the system, allow the use of tax file numbers (TFNs) as the primary account identifier (from 1 July 2011), encourage the use of technology to improve processing efficiency, and improve the way fund-to-fund rollovers are processed and the way contributions are made.

Set out below are all SuperGuide articles explaining Superstream.

SMSF supervisory levy can’t fix large fund issues

For those of you with long memories, many of the recent SMSF compliance changes reported on the SuperGuide website were originally recommended by the Cooper review (review of the super system). The Cooper review was named after the chair of the panel, Jeremy Cooper, and to his credit several of his … [Read more...]

SMSFs: ATO supervisory levy must be paid in advance

The ATO supervisory levy payable by SMSFs each year has been increasing in leaps and bounds over the past few years. The levy payable each year now sits at $259 and this amount is payable in advance. For a new SMSF what this means is that you would pay double the SMSF levy in your first … [Read more...]

SMSFs: Is the ATO supervisory levy ‘value for money’?

Every year, the ATO collects $259 from each self-managed super fund to finance the SMSF monitoring role the ATO performs on behalf of the government. Based on roughly 560,000 SMSFs that amounts to $145 million each year being collected from SMSF trustees, to monitor SMSFs.Over a period of 8 … [Read more...]

SMSF trustees: Is your super fund ready for SuperStream?

If your SMSF receives super contributions from an employer, or employers, on behalf of SMSF members, then your self-managed super fund should be SuperStream-ready… yesterday!If you have just set up your SMSF and seeking information on how to make your SMSF SuperStream-ready, continue reading, … [Read more...]

Swan’s Mid-year Outlook: Superannuation changes

On 22 October 2012, Federal Treasurer Wayne Swan released the Government’s 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO). The report contained several measures affecting the superannuation accounts of Australians, including those who run self-managed super funds. A summary of these measures … [Read more...]

2011 Federal Budget: What about super’s 4 forgotten issues?

In September 2010, I published a to-do list of 16 major superannuation issues needing action by the Federal Government post the Federal election. I published this list in the form of a public memo, as a helping hand for the newly appointed Minister of Superannuation, Bill Shorten.Sadly, progress … [Read more...]

Cooper Review: Our Government’s four-pronged response

‘Stronger Super’ is the catch-cry heralding in the Federal Government’s response to the Cooper Review report on the superannuation system.On 16 December 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, released the Government’s response via a … [Read more...]

Cooper Review: Top 10 recommendations from final report

Update: Good news for SMSF art collectors and SMSF trustees investing in other collectibles. On 30 July 2010, the ALP Government announced that it would not be adopting the Cooper recommendation to ban art and other collectibles from SMSFs. The Government intends to impose stricter storage … [Read more...]