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SuperStream changes for SMSF

Self managed super fund (SMSF) trustees should be aware of the changes to the way they receive super contributions.

From 1 July 2014, employers begin using the new Data and Payment Standard, also known as SuperStream, to make superannuation contributions to their employees.  This means that SMSF trustees will be required to receive contributions electronically from their employers.

Employers will have a year to make this change so SMSF trustees should check with their employers about their start date.

To assist their employers, SMSF trustees will need to obtain an electronic service address for the delivery of contribution messages.  SMSF will also need to provide their employer with their ABN, bank account details and electronic service address to their employer by 31 May 2014.

The changes will result in a more timely and reliable flow of contributions and make it easier for employers. Funds do not need to upgrade their reporting software to comply with the changes.

Posted on 15 May '14 by , under Super.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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