The Federal Government has today released draft regulations to extend SuperStream to self-managed superannuation fund (SMSF) rollovers, allowing members to initiate and receive rollovers electronically between their SMSF and an Australian Prudential Regulation Authority (APRA) fund.
Minister for Revenue and Financial Services, Kelly O’Dwyer, cited the benefits of electronic interactions between SMSFs and APRA funds as:
“The Turnbull Government is supporting Australians who choose to manage their own superannuation through an SMSF by making it easier for them to roll their existing superannuation funds into an SMSF,” O’ Dwyer said.
The regulations would apply to SuperStream rollovers to SMSFs or from an SMSF requested from 30 November, 2019.
The Government invited stakeholders to provide feedback on the draft rollover regulations, with the consultation period closing on 3 August, 2018.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
I assume this applies in both directions ? That is from SMSF to an APRA fund as well as APRA fund to an SMSF ? What about the winding up of the SMSF ?
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