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  • Superannuation

    • [201915] Protecting your super implementation
    • [201908] Compensation payments to superannuation funds [UPDATED]
    • [201828] Superannuation Diagnostic Report for large APRA funds

    [201915] Protecting your super implementation

    Registered: May 2019

    Expected completion: July 2019

    Status

    Implementation information, documents and forms continue to be available on Let’s TalkExternal Link for Super Funds to review and provide feedback on. Additional documents may be added for review and feedback over the next month, as required.

    Purpose

    To build on the work the ATO completed with the Super Measures Group to resolve issues and understand of industry readiness for the PYS. To work closely with stakeholders and provide answers to the issues raised to assist the industry to be ready for the 30 June 2019 commencement date.

    Description

    To provide guidance to trustees on the administration of the changes under the Protecting Your Super Package (PYS) and give trustees an opportunity to provide feedback on the implementation material.

    Who we are consulting

    Superannuation funds

    Contact

    Louie Markovski, Director, Protecting Your Super project team

    PYSProject@ato.gov.au telephone (03) 9275 5333

    [201908] Compensation payments to superannuation funds

    Registered: April 2019

    Expected completion: July 2019

    Status

    We are continuing discussions with government agencies and members of the financial services industry.

    We are currently on track to publish web content by June 2019.

    Purpose

    To understand the factual scenarios in which compensation payments will be made to superannuation funds to determine the superannuation, income tax and GST consequences.

    Description

    The ATO provided guidance in October 2018 on the tax treatment of compensation payments made to individuals by financial institutions. The ATO is actively engaging with the superannuation and financial services industry and regulators to identify scenarios and issues arising from compensation payments made to super funds for the benefit of members. The ATO will be providing further guidance on these issues.

    Who we are consulting

    • Government agencies and members of the financial services industry.

    Contact

    Shaun Milner, Director, Superannuation and Employer Obligations

    shaun.milner@ato.gov.au telephone (03) 9215 3526

    [201828] Superannuation Diagnostic Report for large APRA funds

    Registered: November 2018

    Expected completion: August 2019

    Status

    The status of activity is available at Superannuation Diagnostic Report for large APRA funds group.

    Purpose

    To co-design and provide insight in relation to the re-design of the diagnostic report for large APRA funds.

    Description

    Consultation will consider the re-design of the report following changes to event-based member reporting to the ATO and provide opportunity for both the industry and the ATO

    • to understand the current state
    • capture the desired future experience

    This is to ensure the diagnostic report continues to provide large APRA funds with a relevant report that will help assess the fund's performance.

    Who we are consulting

    • Superannuation funds and superannuation administrators.

    Contact

    Jason Lucchese, Assistant Commissioner, SuperStream Delivery

    jason.lucchese@ato.gov.au telephone (02) 6216 2471

      Last modified: 08 Jul 2019QC 54486