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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 trustees: Is your employer and fund ready for SuperStream?

Update:  Employers with 19 or fewer employees had a deadline of 30 June 2016 to be set up for SuperStream , but on 22 June 2016, the ATO extended this deadline to 28 October 2016. Note that employers with 20 or more employees were required to be set up for SuperStream by 30 June 2015, and this … [Read more...]

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...]

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...]

Super fees: how much should a fund charge you?

The Super System Review (SSR) panel, in particular, chair Jeremy Cooper, has drawn a line in the sand and publicly stated that the SSR believe it’s possible to reduce the fees charged by super funds to a mere half a per cent, or even less. Go Mr Cooper!The SSR commissioned a report from Deloitte … [Read more...]

THE SOAPBOX: Cooper declares war on retail funds and financial advisers

The Super System Review chaired by Jeremy Cooper has gone back to basics for our future super needs: no frills, lower fees and no more commissions leading to the inevitable, slow death of the financial adviser/retail fund love-in.Here’s something old that’s become new. The Super System Review … [Read more...]