Welcome to the latest issue of the KHQ Super Alert. It is a quieter week of news with only a few updates. The ATO has made changes to unclaimed superannuation money reporting, and ASIC is warning of scams targeting rollovers to SMSFs.
ATO – Updated industry changes roadmap
On 27 January 2022, the ATO released an updated roadmap which ‘details the changes affecting the super industry up until the end of December 2022. This information will be updated every quarter or when there are major changes or announcements’.
Click here for details.
ATO – Updates to the unclaimed superannuation money statement
On 20 January 2022, the ATO issued a media release in relation to updated procedures for unclaimed superannuation money. The ATO noted that ‘[the] Unclaimed superannuation money (USM) paper statement has been updated’ to reflect recent legislative changes. According to the ATO, the changes to the statement, are ‘only relevant to super providers who accept KiwiSaver accounts’, and include:
- ‘USM reported to [the ATO] containing New Zealand sourced amounts must be shown separately’;
- ‘[relevant super providers] need to use the USM paper statement to report New Zealand sourced amounts’; and
- ‘a new field has been added to the USM paper statement to capture the New Zealand sourced amount’.
The ATO will also be ‘updating ato.gov with further information regarding KiwiSaver over the coming weeks’.
Click here for details.
ASIC – Scams in relation to rollovers to SMSFs
On 17 January 2022, ASIC issued a media release highlighting the increase in scam activity relating to rollovers to SMSFs. According to ASIC, it ‘has noticed an increase in marketing recommending Australians switch from retail and industry superannuation funds to [SMSFs] so they can invest in a “high return” portfolio’ relating to cryptocurrencies. Members are being reminded by ASIC that ‘it is best practice to seek advice from a licensed financial adviser before agreeing to transfer superannuation out of a regulated fund into an SMSF’.
Click here for details.
