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 fund ready for SuperStream?

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If your SMSF receives super contributions from an employer, or employers, on behalf of SMSF members, then you need to ensure that your self-managed super fund is SuperStream-ready. Since 1 July 2014, employers with 20 or more employees must use the SuperStream standard, and all super funds, … [Read more...]

ATO levy hike for SMSFs

Australia Currency Roll Background

For those preparing or lodging the 2012/2013 self-managed super fund tax return you may get a rude shock when you discover the ATO has hit your SMSF with a whopping $321 supervisory levy for the year. You may recall that the ATO levy was supposed to be $191 for the 2012/2013 financial year, so … [Read more...]

Swan’s Mid-year Outlook: Superannuation changes

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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...]

SMSF whack! Another 11% increase in ATO supervisory levy

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For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago. In the 2012 Federal budget, hidden in the … [Read more...]

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

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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

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‘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...]

SMSF supervisory levy to increase from 2010/2011 year

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Hidden in the Federal Government’s response to the Cooper Review is a real doozey. The Government recommends that self-managed super funds be hit with a higher supervisory levy, effective from the 2010/2011 year. It appears that the primary reason for this levy hike is: Larger super funds have … [Read more...]

Cooper Review: Top 10 recommendations from final report

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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...]