Show download pdf controls
  • Superannuation

    • [201768] APRA fund communication and engagement [UPDATED]
    • [201758] Draft Practical Compliance Guideline: Propagation arrangements adopted by registerable superannuation entities [UPDATED]
    • [201753] Downsizer contributions to superannuation [UPDATED]
    • [201752] First home super saver scheme (FHSSS) [UPDATED]
    • [201615] Single Touch Payroll [UPDATED]

    [201768] APRA fund communication and engagement

    Registered: November 2017

    Expected completion: May 2018

    Status

    The APRA Fund Communications Group has made the following decisions and observations:

    • 6 December 2017
      • terms of reference and high level areas of focus were endorsed
      • agreed on guiding principles to assist the decisions and discussions of the Group and to guide the assessment of identified improvement strategies
      • agreed the SuperCommunique and SuperUpdate newsletters will be combined, and structured along the lines of the SuperCommunique.
    • 31 January 2018
      • agreed SuperNews as preferred name for new newsletter, with the first to issue in March 2018
      • agreed to proposed new format for combined newsletter and progressively publishing articles with a summary newsletter issued monthly
      • ATO will explore enhancements to the Announcements section of the Super Dashboard, such as covering system issues for other services like Departing Australia superannuation payments (DASP).
    • 1 March 2018
      • a key observation was that super content on the ATO website (website) is very good but can be challenging to find
      • the Group supported adding a summary of ATO digital channels to the APRA funds section, and more prominent display and promotion of What’s New section
      • high quality communications related to the First Home Savers Superannuation Scheme were noted, and the usefulness of Alex, the virtual assistant (available 24/7)

    Purpose

    To co-design with industry, improvements to the way we communicate, engage and collaborate with the APRA fund community.

    Description

    The ATO needs to look for opportunities to improve its approach to communication, engagement and collaboration with APRA regulated funds. A short term reference group will act as a sounding board to address irritants and co-design improvements.

    Through this group we plan to identify principles that can be applied to future communication and engagement activities with APRA regulated funds to ensure information is received and consumed in the best possible way.

    This Reference Group will report findings through the Superannuation Administration Stakeholder Group.

    Who we are consulting

    Representatives of the APRA-regulated fund community, including superannuation associations and industry bodies.

    Contact

    Kylie Smith Director, Superannuation
    kylie.a.smith@ato.gov.au telephone (02) 6216 1608

    [201758] Draft Practical Compliance Guideline: Propagation arrangements adopted by registerable superannuation entities

    Registered: August 2017

    Expected completion: April 2018

    Status

    Following the industry consultation period in regard to draft practical compliance guideline PCG 2017/D16, the ATO discussed with relevant ATO and non-ATO stakeholders issues raised in the submissions received.

    Further discussions were held in November 2017 with key external stakeholders and industry clarification around certain issues raised was sought in January 2018 and is expected by the end of March 2018 at industry request.

    Once received, this information will be considered in finalising the draft guideline.

    PCG 2017/D16 is now expected to be finalised by the end of May 2018.

    Purpose

    To set out the ATO's compliance approach to the use of propagation to select assets for disposal and the circumstances where propagation arrangements satisfy the asset identification principles and record keeping methodologies described in CGT Determination Number 33 (TD 33), and Taxation Rulings TR 96/4 and TR 96/7.

    Description

    We are seeking industry feedback on the draft practical compliance guideline which assists registrable superannuation entities to examine the characteristics of their propagation arrangements to determine the likelihood of an ATO review.

    Who we are consulting

    Comment is open to APRA-regulated funds and other relevant stakeholders in the community.

    Contact

    Ricardo Coburn, Director – Advice and Guidance, Public Groups and International
    ricardo.coburn@ato.gov.au telephone (03) 9275 2040

    [201753] Downsizer contributions to superannuation

    Registered: August 2017

    Expected completion: May 2018

    Status

    The proposed design to implement the contributing downsizing proceeds into superannuation (downsizing) measures has progressed.

    The working group met on 15 March 2018 to discuss and receive an update on the Downsizer form and instructions designed for individuals to determine their eligibility. Infrastructure to support the funds was also discussed along with any potential identified issues.

    An update was also provided to the Superannuation Administration Stakeholder Group.

    Purpose

    To work through the implementation design for contributing the proceeds of downsizing to superannuation with impacted stakeholders.

    Description

    In the 2017 Federal BudgetExternal Link the Government announced that from 1 July 2018, individuals aged 65 or over will be able to make a contribution to super of up to $300,000 from the proceeds of selling their home.

    Discussions will consider:

    • administrative design
    • reporting requirements
    • law companion rulings
    • other specific implementation issues

    to enable a thorough understanding of the issues to ensure the design and implementation supports the measure.

    Who we are consulting

    Representatives of tax and accounting professional associations and industry bodies, the Superannuation Administration Stakeholder Group, Individuals Stewardship Group, Australian Prudential Regulation Authority (APRA) and superannuation funds.

    Contact

    Julie Rowland, Project Manager, Superannuation
    julie.rowland@ato.gov.au telephone (03) 6221 0632

    [201752] First home super saver scheme (FHSSS)

    Registered: August 2017

    Expected completion: May 2018

    Status

    The ATO has continued to progress the proposed design for the implementation of the First Home Superannuation Saver Scheme (FHSSS).

    On 15 March 2018 a meeting was held with the working group to discuss and provide an update on the FHSSS forms and communication channels as well as a discussion about any potential issues. The update was also provided to the Superannuation Administration Stakeholder Group.

    Purpose

    To work through the implementation design of the First home super saver measure with impacted stakeholders.

    Description

    This measure was announced in the 2017 Federal budgetExternal Link. Discussions will consider:

    • administrative design
    • reporting requirements
    • law companion rulings
    • other specific implementation issues

    to enable a thorough understanding of the issues ensuring the design and implementation supports the measure.

    Who we are consulting

    Representatives of tax and accounting professional associations and industry bodies, the Superannuation Administration Stakeholder Group, Individuals Stewardship Group, APRA and superannuation funds.

    Contact

    John George, Project Manager, Superannuation
    john.george@ato.gov.au telephone (02) 9354 3488

      Last modified: 09 Apr 2018QC 54486