Self-managed super funds (SMSFs) have been called to embrace new data transfer standards for rollovers and employer contributions, which will be introduced as part of the Government’s SuperStream measures.
The Government is expected to introduce new mandatory data transfer rules which will apply to super funds and some employers from 1 July, 2013.
Speaking at the SMSF Professionals’ Association of Australia (SPAA) Technical Conference in Sydney, technical director Peter Burgess said SMSFs should not fear new measures.
“SuperStream will reduce the time it takes to rollover funds and process employer contributions,” Burgess said.
“Ensuring all rollovers and employer contributions must be accompanied by mandatory sets of data will eliminate the need for SMSF administrators to chase up missing data and undertake time consuming reconciliation processes,” he added.
It is also expected SuperStream will require SMSFs to have access to the Internet, and a bank account which can accept electronic fund transfers – requirements deemed by SPAA as reasonable.
However, Burgess said in a sector as large and diverse as SMSFs, there will be some funds which will not have the capacity to accept data in an electronic form.
“We will continue to work with Government to ensure the new data transfer standards will not impose unreasonable restrictions on these funds,” Burgess said.
