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11 Nov 2021 Superannuation

Superannuation and company clients’ payments due 1 December

Payment for superannuation fund or company clients with a lodgment due date of 15 January 2022 or the next business day, is due by 1 December 2021. This payment due date is for large and medium entities’ 2021 income tax returns.

Superannuation funds and companies have a variety of lodgment due dates determined by their registration type or income reported in their last return. If you are unsure of the due dates, check client reports in Online services for agents or the practitioner lodgment service.

New stapled superannuation fund rules started on 1 November 2021: What employers need to do

From 1 November 2021, if you have new employees start and they don’t choose a superannuation fund, you may have an extra step to take to comply with the choice of fund rules. You may need to request their ‘stapled superannuation fund’ details from the ATO.

The ATO has also published a handy Reference guide for employers, which contains a summary of the new rules.

More information on what a stapled superannuation fund is, when and how to request stapled superannuation fund details and what happens once the request is made, can be found here.

Stapled superannuation fund webcast recording now available

Watch the ATO’s webcast on the extra step you or your employer clients may need to take from 1 November 2021 when an employee does not choose a superannuation fund. The webcast covers what to do and demonstrates how to request stapled superannuation fund details.

More information can be found here.

Select your default superannuation fund

As an employer, you must select a default nominated superannuation fund that you will pay your employee’s superannuation into if they haven't chosen a fund and do not have a stapled superannuation fund.

More information can be found here.

Employees now have the right to choose their own superannuation fund

New workplace determinations and enterprise agreements made on or after 1 January 2021 must offer employees the right to choose the superannuation fund to which you pay their compulsory superannuation contributions.

Once a new determination or agreement is in place, your organisation must offer choice of superannuation fund to existing employees who request to choose their superannuation fund and all new employees.

From 1 November 2021, most employers will need to request their new employees stapled superannuation fund details when they don’t choose a superannuation fund. You can request these details for your employer clients from Online services for agents.

More information can be found here.

Have you reviewed your SMSF investment strategy?

Self-managed superannuation funds (SMSFs) are required to prepare and implement an investment strategy to help meet their investment and retirement goals. The investment strategy is not designed to be a ‘set and forget’ document but rather a strategy you continuously review to ensure you are meeting your retirement plans.

Your SMSF auditor will check to see if you have met the investment strategy requirements under the superannuation laws.

More information can be found here.

What you need to know about the superannuation guarantee charge

There are many things to remember when paying superannuation for your employees, but knowing the difference between superannuation guarantee (SG) and SG charge may just be the most important.

Find out more about the difference here.

Conditions of release

To cash preserved benefits or restricted non-preserved benefits, a member must satisfy one of the conditions of release. Unrestricted non-preserved benefits may be cashed at any time.

Some conditions of release restrict the form of the benefit (for example, lump sum or income stream) or the amount of benefit that can be paid. These are known as ‘cashing restrictions’.

More information can be found here.

Alerts for changes made to SMSF information

To prevent fraudulent activity, the ATO sends SMS messages when you are added to a new or existing SMSF, a member is added or removed from your SMSF or your SMSF bank account, electronic service address or authorised contact is changed.

If you’re not aware of a new SMSF registered in your name, or changes made to your existing SMSF as described in an alert the ATO has sent you, you should contact:

  • the other trustees or directors of the corporate trustee of your SMSF
  • other representatives authorised to make changes to your SMSF, such as your tax agent.

The ATO’s alerts will never ask you to reply by text or email, or to provide personal information such as your TFN or your personal bank account number or BSB.

More information can be found here.

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