Question:
Is it a bird, is it plane, no … it’s SuperStream
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
In March 2010 the Government released a proposal called SuperStream to introduce an industry wide electronic data and payment transfer system for superannuation funds but excluded self-managed super funds from the scheme. A super fund professionals’ association has now called for self-managed super funds to be included.
The Financial Review in a recent report estimates that:
+ 38% of employers use only cheques to pay super contributions; and
+ 22% of employers use a combination of cheque and electronic payments.
Peter Burgess of the SMSF Professionals Association of Australia said SuperStream will reduce the time it takes to roll over funds and process employer contributions. 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.
The panel that drafted the SuperStream proposal did not see the need to involve self-managed super funds when they drafted the report in 2010.
SuperStream, 22 March 2010
Financial Review, 10 August, Call for electronic transfer exemption for SMSFs
