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  • Superannuation

    • [201908] Compensation payments to superannuation funds [NEW]
    • [201828] Superannuation Diagnostic Report for large APRA funds [UPDATED]
    • [201819] Superannuation measures - Federal Budget 2018–19 [UPDATED]

    [201908] Compensation payments to superannuation funds

    Registered: April 2019

    Expected completion: June 2019

    Status

    Meetings have been held to discuss the compensation programs with a number of Government agencies and members of the financial services industry.

    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

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

    Contact

    Lee Wilkes, Director, Superannuation and Employer Obligations

    lee.wilkes@ato.gov.au telephone (07) 3213 3326

    [201828] Superannuation Diagnostic Report for large APRA funds

    Registered: November 2018

    Expected completion: August 2019

    Status

    During March 2019, we engaged with industry stakeholder and discussed the proposed approach to the large APRA fund diagnostic reports.

    Principles for the new approach were:

    • co design solution with industry
    • move to more frequent reporting
    • take a staged approach to implementation
    • consider digital solutions
    • communicate and seek feedback.

    We discussed the benefits of a multi-faceted and contemporary approach to capture an APRA fund’s performance across event-based reporting data, its business systems and IT controls as well as data governance.

    Consultations with the co design group will continue in April 2019, with the focus on discussing how various measures can be used to reflect an APRA fund’s performance.

    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

    We are consulting with superannuation funds and superannuation administrators.

    Contact

    Jason Lucchese, Assistant Commissioner SuperStream Delivery

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

    [201819] Superannuation measures - Federal Budget 2018–19

    Registered: August 2018

    Expected completion: July 2019

    Status

    The group met on 4 March 2019 and discussed:

    • the current status of super legislation
    • scenarios that impact members following some of the amendments to the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 which received Royal Assent.
    • the Treasury Laws Amendment (Putting Members' Interests First) Bill 2019, which was introduced to the House of Representatives on 20 February 2019 and proposes to restore the original insurance opt-in requirements for under 25 year olds and members with low balance accounts from 1 October 2019
    • the ATO issued CRT Alert 015/2019 - SuperStream rollover version 3 - build resources
    • a brief overview of the ATO Online (visibility of super information) and pre-deployment readiness workshop which will provide a walk-through of the screens and superannuation information that individuals will see in ATO Online from the end of March/early April.

    Purpose

    To co-design and provide insight in relation to the preparedness for measures announced in and around the 2018–19 Federal Budget.

    To consider emerging issues that affect the successful implementation of the announce measures and provide an opportunity for both the industry and the ATO to undertake strategic discussions to develop and improve the administration and operation of the superannuation system

    Description

    New superannuation measures were announced in the 2018–19 Federal budget.

    The measures to be included in the discussion are:

    • Re-versioning the Rollover MIG (including SMSF rollovers)
    • Protecting your super package – unclaimed superannuation and proactive reuniting
    • Better integrity over deductions for personal contributions
    • Work test exemption for recent retirees
    • Preventing inadvertent concessional cap breaches by certain employees
    • SG Amnesty

    Who we are consulting

    A working group has been formed with representatives from industry bodies and superannuation funds with updates to the Superannuation Administration Stakeholder Group, Superannuation Industry Stewardship Group, SuperStream technical committee (STCC)External Link, and SuperStream Reference Group (SSRG).

    Contact

    Jason Lucchese, Assistant Commissioner SuperStream Delivery

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

    Last modified: 09 Apr 2019QC 54486