A seasoned industry practitioner is highly critical of the Federal Government’s decision to push back the date by which superannuation funds must comply with the SuperStream contributions data standards. Superannuation funds now have up to 1 July 2015 to meet the new standards.
SuperGuardian and Xpress Super CEO Olivia Long says that the Australian Taxation Office has given the industry “ample opportunity” to start complying with the new standards, and industry associations that are supporting the delay “are merely serving the interests of their under-performing members”.
“The ATO has given plenty of notice to the industry. Frankly there’s no excuse for practitioners not to be ready for these changes. Firms that have invested capital and made the effort to get ready are effectively being penalised.”
She agrees that SuperStream might have some impact on self-managed super funds (SMSFs) as some funds will have to get professional advice to meet the new standards.
“Going forward all SMSFs will be required to have a bank account and an electronic service address that are able to receive employer contribution payments and messages sent electronically using the SuperStream standard.
“This is yet another example of why accountants should consider outsourcing their SMSF work to SMSF accounting specialists. The industry is continually changing and for many small accounting practices it is simply proving too difficult to stay ahead of the game,” Long says.
SuperGuardian is a Chartered Accounting firm and specialist self-managed super fund (SMSF) Administrator with more than 12 years of industry experience.