Sep 30, 2021 | Superannuation advice

Heads up – Superstream kicks in!

I can honestly say in all my years of dealing with the ATO things have never been dealt with swiftly.

If anything, when it comes to SMSF, the ATO are struggling at present with the demand for setup and delays to registering complying funds on the Super Fund Lookup register are holding up rollovers.

No doubt we’ve all been preparing for Superstream to kick in on 1st October. So you can imagine our surprise to find electronic data has been feeding into our Class Super software as early as 2nd of September.

So here’s a heads up for Class Super users, and potentially one for those of you on BGL and Super Mate as well.

Div 293 Notices

We have been advised the ATO is no longer sending out paper copies of Div 293 notices where an Electronic Service Address (ESA) is recorded for the fund.

It may appear Class was also taken by surprise at the ATO’s early release, as the software has been receiving the electronic messages, and we were not notified nor alerted.

On the 29/9 we received an email alert that looked like this.

I thought it was fraudulent and nearly deleted it on that basis!

Fortunately it’s not. If you receive these notifications you need to act on it.

For those of you on BGL or Super Mate – keep an eye out for any suspicious looking messages. It’s likely they need your attention.

If you’re a Class User and would like to find out how this impacts on you and your practice, feel free to call our Class Guru, Karen Dezdjek for further information.

The information in this article contains general advice and is provided by Primestock Securities Ltd AFSL 239180. That advice has been prepared without taking your personal objectives, financial situation or needs into account. Before acting on this general advice, you should consider the appropriateness of it having regard to your personal objectives, financial situation and needs. You should obtain and read the Product Disclosure Statement (PDS) before making any decision to acquire any financial product referred to in this article. Please refer to the FSG (primefinancial.com.au/fsg) for contact information and information about remuneration and associations with product issuers. This information should not be relied upon as a substitute for professional advice, and we encourage you to seek specific advice from your professional adviser before making a decision on the matters discussed in this article. Information in this article is current at the date of this article, and we have no obligation to update or revise it as a result of any change in events, circumstances or conditions upon which it is based.

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