HFB Super – End Of Financial Year Summary
Real Time Processing updates
In the 2019 financial year we (HFB Super) moved to Real-time Processing – a significant shift from annual, or historic, reporting. The two main reasons for this shift was to ensure:
- You, our clients, have more up-to-date information; but more importantly
- That as the legislative changes happen, we are in a position to ensure your Fund remains compliant – such as with the new event-based reporting framework, and also the changes to SuperStream (see here)
As we have communicated previously, the move to event-based reporting means that self-managed super fund trustees need to report incomings and outgoings from their funds much more frequently once they are in pension phase – and this will be extended to those in accumulation in the near future, with further legislative changes afoot.
Increasing the regularity of SMSF processing is key to ensuring both HFB Super (as your SMSF administrator), and you (as trustee), meet the ATO’s compliance requirements under the changing super rules. The ATO expects trustees and administrators to more proactively manage SMSFs – processing funds annually is no longer considered appropriate.