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25 Nov 2021 Superannuation

New stapled superannuation fund rules started on 1 November 2021: Reference guide for employers 

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. 

Contractor stapled superannuation fund request form 

Employers or their authorised representatives can use this form

  • to request a stapled superannuation fund for a contractor to pay their superannuation guarantee contributions
  • for contractors engaged from 1 November 2021. 

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

Transition to Online services for business now 

The electronic superannuation audit tool (eSAT) is decommissioning in early March 2022. Transition to Online services for business as soon as possible so you can familiarise yourself with the new way to lodge new or amended Auditor Contravention Reports (ACRs) and Audit Complete Advices (ACAs). 

Avoiding common errors in MAAS and MATS reporting 

The ATO’s recent assurance campaign to rectify member account attribute service (MAAS) and member account transaction service (MATS) reporting has identified some common reporting issues. 

Check to see how you can appropriately meet your reporting obligations here. 

Contributions you can accept 

While mandated employer contributions can always be accepted by your SMSF, acceptance of non-mandated contributions depends on a range of conditions. 

More information can be found here

Reminder for trustees when using SuperMatch 

Trustees must ensure their SuperMatch systems and controls are operating effectively. The ATO would like to remind trustees of their obligation to actively monitor their SuperMatch usage and remain compliant with the terms and conditions of use. 

The ATO has seen an increase in activity where the same member is submitted through SuperMatch multiple times on the same day from the same fund. The ATO will be monitoring funds usage of SuperMatch and making contact where they see unusual activity. 

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. 

Inform employers of SMSF details 

To make SuperStream compliant contributions, employers need the e-commerce details of their employees’ SMSFs. If the employer doesn’t have all the details to send contributions electronically, they can ask the employee to complete a Superannuation standard choice form. 

More information can be found here. 

SMSF SuperStream FAQs 

The ATO has published a list of frequently asked questions about SuperStream and the impacts on SMSFs. You can view these 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

Rollovers 

A rollover is when a member transfers some or all their existing superannuation between funds. The transferring fund can ask the receiving fund to show it is a complying superannuation fund. 

Before you can roll over your benefits to your SMSF from another complying superannuation fund, the transferring fund will use the SMSF Verification Service to verify that you are a member of the SMSF and the fund’s details. You can check your membership by looking at the fund details screen on ATO Online. 

More information can be found here. 

Valuing your SMSF assets 

Asset valuation is a key component in preparing meaningful SMSF financial reports. It is one of the tasks you need to complete before you can lodge your SMSF annual return (SAR). You need to complete a valuation of your assets on 30 June for the year you’re lodging. 

It is important to have the valuation(s) done early as it is advisable to have these ready by the time you appoint an auditor. 

More information on market valuation can be found here

Register of SMSF messaging providers

Refer to this list of SMSF messaging providers for your SMSF clients. SMSF messaging providers can provide an electronic service address (alias) for contributions and rollovers and release authorities. 

More information can be found here

Small business superannuation clearing house – key dates 

As the ATO approaches their annual office closure, there are key dates you need to be aware of for the Small Business Superannuation Clearing House. 

These are: 

  • 15 December 2021 – all superannuation guarantee (SG) payments received after close of business on this date will be processed from 4 January 2022;
  • 28 January 2022 – SG quarterly payments are due. 

You can still access ATO online systems during the ATO’s office closure, however, contact centres will be closed from 12:00pm on Friday 24 December 2021 until 8.00am on Tuesday 4 January 2022. 

More information can be found here.

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