- Executive remuneration disclosure proposals for listed companies
- Get Started on Expense Management Today
- Public Sector Reform, Getting the Balance Right
- Australian Charities and Not-for-profits Commission commenced on 3 December 2012
- Corruption in sport: Do you really know how clean your organisation is?
- Crisis Recovery cover
- Superannuation Tax update: SuperStream
- Superannuation Tax update: SuperSeeker enhancements
- Superannuation Tax Update: Other tax changes effective from 1 July 2012
- 2012-13 Federal Budget update
- Group Protection
- Administration - Clearing House services
- Super system review - Progress to date
- Tax Alert: Queensland miners further targeted in changes to state mining taxes
- Tax Alert: ATO guidance released on margin scheme valuations
- Tax Alert: Superannuation Do's and Dont's
- Queensland State Budget 2012-13
- Tax Alert: “Son of Hold-back" Arrangements
- Tax Alert: Living Away From Home (LAFH) new law and ATO publishes reasonable food allowances
- Indirect Tax Update: October 2012
- Tax Alert: Australia’s new transfer pricing rules – Stage 1
- Transfer Pricing Alert: Stage 2 Reform Exposure Draft Released
SuperStream is one part of a number of measures being introduced by the Government as part of its response to a review into the efficiency of Australian superannuation system. Legislation has not been passed by the Parliament at this stage.
Two of the key measures of SuperStream are:
Consolidation of your accounts within a fund
If an individual has more than one account with the same fund, the fund will combine them together. Accounts will be combined automatically if:
- it does not cause the member to lose rights or benefits (such as insurance or a defined benefit)
- at least one account has a balance of less than $1,000 and has not received contributions, rollovers or transfers for two or more years
Consolidation of your accounts between funds
From early 2014 the ATO will facilitate the consolidation of super accounts held by different funds. This process will see lost accounts, inactive accounts with balances under $1,000 and accounts in eligible rollover funds consolidated into a current active account.
The ATO will notify a fund where an account is eligible for inter-fund consolidation. The super fund must arrange consolidation of the accounts unless the member chooses to retain the multiple accounts. Subject to a review by Treasury, the ATO and Australian Prudential Regulation Authority (APRA), the threshold for inter-fund consolidation of lost and inactive accounts may be increased to at least $10,000 in the second half of 2014.