Show download pdf controls
  • Superannuation

    • [201918] Successor fund transfer (SFT) guidance [NEW]
    • [201915] Protecting your super implementation [NEW]
    • [201912] Lost members register protocol
    • [201908] Compensation payments to superannuation funds
    • [201828] Superannuation Diagnostic Report for large APRA funds

    [201918] Successor fund transfer (SFT) guidance

    Registered: May 2019

    Expected completion: June 2019

    Status

    A Successor Fund Transfer (SFT) Industry working group meeting was held on the 30 May 2019. The working group discussed specific issues and scenarios that were raised in recent SFT experiences and considered how our protocol guidance and approach to assisting funds through a SFT can be improved.

    Purpose

    To gain insights into the information and support required by the superannuation industry regarding their reporting requirements and obligations when funds go through a SFT.

    Description

    To consider existing guidance material available to superannuation funds to support them through the successor fund transfer process and identify where improvements can be made.

    Who we are consulting

    • Industry representatives and professional associations.

    Contact

    Larissa Evans, Director, Superannuation and Employment Obligations

    larissa.evans@ato.gov.au telephone (07) 3149 5685

    [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 You Super project team

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

    [201912] Lost members register protocol

    Registered: April 2019

    Expected completion: June 2019

    Status

    Proposed changes to the lost members register protocol have been published via Let’s TalkExternal Link. Feedback can be provided on those changes via the Lost member register protocol: general review – feedback formExternal Link until 13 May 2019.

    Purpose

    To seek feedback on proposed changes to the lost members register protocol incorporating:

    • recent changes to the law
    • clarification to content based on enquiries received from industry.

    Description

    The lost members register protocol requires changes to be made as a consequence of recent changes to the law. In addition, we are taking the opportunity to incorporate changes that will clarify some of the information in the protocol as a consequence of enquiries received from industry.

    Who we are consulting

    Consultation is open to interested superannuation industry stakeholders via Let’s TalkExternal Link.

    Contact

    Melissa Eagleson, Super Audience Team, Marketing and Communications

    Melissa.Eagleson@ato.gov.au telephone (02) 9685 8599

    [201908] Compensation payments to superannuation funds

    Registered: April 2019

    Expected completion: June 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: 03 Jun 2019QC 54486