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09 Sep 2021 Superannuation

SMSF quarterly statistical report – June 2021

The ATO publishes quarterly statistical reports for the SMSF market. The report provides the latest statistics on the SMSF sector and has been developed taking into account valuable feedback from the superannuation industry.

Highlights of the report include:

  • There are 597,900 SMSFs.
  • There are 1,114,529 members of SMSFs.
  • The total estimated assets of SMSFs are just over $822 billion.
  • The top asset types held by SMSFs (by value) are listed shares (28% of total estimated SMSF assets) and cash and term deposits (18%).
  • 53% of SMSF members are male and 47% are female.
  • 86% of SMSF members are 45 years or older.

Read the full report for further statistics here.

Extra ‘super’ step when hiring new employees

From 1 November 2021, you may need to request stapled superannuation fund details from the ATO for new employees who do not choose a superannuation fund.

A stapled superannuation fund is an existing superannuation account which is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.

To make sure you're ready when the time comes, check and update the access levels of your staff who use Online services for business on behalf of your organisation.

More information can be found here.

Stapled superannuation fund details for APRA funds

From 1 November 2021, if an employer has new employees start and the employees do not choose a superannuation fund, employers may have an extra step to take to comply with choice of fund rules. The employer may now have to request their new employees ‘stapled superannuation fund’ details from the ATO.

To be eligible to be selected as a stapled superannuation fund for an employee, a fund must be a retirement savings account (RSA), a complying superannuation fund or a complying superannuation scheme in the same financial year as the stapled super fund request is made. The employee must be a member of the fund/scheme, or holder of that RSA, in that same period.

More information can be found here.

Administrative arrangements for COVID-19 re-contribution amounts

Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of superannuation (ERS) program without them counting towards their non-concessional cap.

See CRT Alert 011/2021 for more information.

Early access to your superannuation

You can only have early access to your superannuation in very limited circumstances.

Be aware that some promoters claim to offer early access to your superannuation by transferring your superannuation into an SMSF. These schemes are illegal and heavy penalties apply if you get involved.

More information can be found here.

Superannuation processing schedule

The ATO’s superannuation remittance and recovery processing schedule for September and October 2021 is now available here.

ATO System Availability Report has been updated

The ATO’s monthly Systems Availability Report was updated in July 2021 to allow each of their online services to be reported separately.

The ATO uses industry recognised methodology to measure and report on how they are performing against their targets for the following systems:

  • ato.gov.au
  • ATO Online
  • myGovID
  • Online Services for Business (OSB)
  • Online Services for Agents (OSfA)
  • Australian Business Register (ABR)
  • Standard Business Reporting (SBR) 1
  • Standard Business Reporting (SBR) 2.

More information can be found here.

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