Newsflash – SMSF SuperStream & New Penalties
SMSFs – SuperStream deferral
We sent out a newsflash in March this year regarding the new electronic data and payment requirements of the ‘SuperStream’ system to be implemented from 1 July 2014. Under this system SMSFs will be required to receive contributions electronically from employers with linked data and payments.
The government has recently announced that the compulsory start date for the SuperStream measures has been deferred from 1 July 2014 to 1 July 2015 to give employers more time to upgrade their systems. If you have not yet taken steps to implement the new measures for your SMSF you have an additional 12 months to do so, however we recommend that you make arrangements sooner rather than later to ensure compliance with the new rules from 1 July 2015.
SMSFs that are already prepared to receive contributions under the SuperStream system will be able to do so from 1 July 2014.
New SMSF penalty measures from 1 July 2014
A reminder that the new ATO penalty regime for Self Managed Superannuation Funds will apply from 1 July 2014 with fines of up to $10,200 potentially applying to each trustee for each breach of certain superannuation rules.
The new penalty rules will also apply to contraventions that were made prior to 1 July 2014 and continue after that date. For example, if your fund has lent money to a member or relative and the loan still exists on or after 1 July 2014 you will be liable for an administrative penalty of $10,200 (per trustee) under the new rules.
Given the new penalty regime it is very important that you discuss any new types of transactions to be potentially entered into by your Fund with us before the transactions take place. Also, if you suspect that your Fund may already have breached any superannuation rules, please get in touch with us as soon as possible to see what can be done to remedy the situation prior to 1 July 2014 when the new penalties apply.
For more information regarding these new penalties, please do not hesitate to contact us.
