SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
As of 28 October 2016 all employers are required to be SuperStream compliant. Employers will send contributions electronically to super funds using the SuperStream standard. This includes self-managed super funds (SMSFs).
All super funds (including SMSFs) that receive employer contributions have a requirement to be able to receive contribution payments and associated data electronically.
Employers will need to collect some new information and update employee records in their payroll file to enable employee contributions to be sent electronically via the SuperStream standard.
For employees with SMSFs this includes providing the fund’s ABN and bank account details and a registered electronic service address to their employer.