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19 Nov 2020 Superannuation

CRT Alert 047/2020 - Resources for SuperStream Rollovers v3

The ATO has launched a new SuperStream Rollovers v3 web page as a central repository for all onboarding and implementation documents.

Read more here.

Successor fund transfer reporting

This part of the protocol has been developed as guidance for superannuation providers and suppliers who will be reporting successor fund transfers.

Read more here.

Report SMSF contraventions even if an audit engagement is terminated

If an approved self-managed super fund (SMSF) auditor identifies a contravention while carrying out the annual SMSF compliance audit, they should still lodge an Auditor/actuary contravention report even if their engagement is terminated early.

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SAN misuse mailout update

To date, 41% of auditors have responded to the ATO SAN misuse mailout. If you have not responded yet, please do so soon.

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NSW to take superannuation contribution holiday for 2 years

As part of the NSW Budget 2020-21, the NSW Government has announced it will take a ‘2-year superannuation contribution holiday.’ The State's defined benefit superannuation liabilities are projected to decrease $17.6 billion from June 2020 to June 2024, primarily driven by rising long-term bond rates. At the same time, this decrease will be partially offset by increased defined contribution superannuation expenses, including the scheduled increase of the Superannuation Guarantee rate from 9.5% to 10% from 1 July 2021.

Read more here.