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SMSFs that plan on making benefit payments through the new SuperStream requirements will need to factor in changes to the timing process to ensure it can smoothly facilitate the new process for the fund during the transition, said a technical specialist.
With the new SuperStream V.3 soon to be implemented, SuperConcepts senior technical specialist Anthony Cullen said payments of any money via SuperStream must occur via electronic transfer and, as such, trustees will no longer be able to arrange a cheque to be sent to the receiving fund or the Australian Taxation Office. The payment itself does not form part of the SuperStream message/data that is sent between funds and/or the ATO.
Read more at SMSFAdviser