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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 1 September 2021

    Opening address

    The chair welcomed attendees to the meeting.

    Testing and onboarding update

    Government to Business (G2B)

    G2B testing is progressing well. The ATO are expecting completion of G2B for all funds within 2–3 weeks.

    Funds are encouraged to contact the ATO via the SuperStream Standards mailbox if they have not yet started G2B testing but are ready.

    Business to Business (B2B)

    All SMSF providers will participate in the final two cohorts to ensure Australian Prudential Regulation Authority funds have the support in place to enable them to complete testing, meet the 10 business day requirement for changing Fund Validation Service (FVS) details prior to production cutover as well as the 30 September 2021 conformance date.

    Production/Onboarding

    Ten percent of funds have onboarded.

    The ATO are expecting a lot more traffic and movement towards 30 September with many funds having already updated the FVS.

    Production Verification Testing (PVT)

    A number of funds are currently involved in PVT wave 1 (one to one support) and are progressing well. The ATO is monitoring and managing any issues identified, and proactively contacting impacted funds.

    Rollovers version 2 timeframe

    The group discussed and provided feedback on turning off RV2 in their registries.

    Implementation and onboarding information update

    Frequently asked questions (FAQ)

    A small number of changes were noted on the FAQ document. The group agreed to provide feedback by 2 September to enable the ATO to publish the Q&A document 3 September.

    Processing non-streamlined Release Authorities (RAs)

    The ATO is looking to provide a streamlined service for the non-streamlined RAs, using a similar process which was introduced for submitting RAs during COVID-19. Confirmation will be provided shortly.

    Manager authorisation

    Access manager was updated in August to display new service permissions for SMSFs.

    Reminders for the group:

    • machine credentials by default have all permissions relevant to the business entity type
    • Fund Validation Service updates must be done at least 10 business days prior to production date
    • Funds and Digital service providers are not to test Standard business reporting validation services in production.

    Identifier within Electronic Portability Form (EPF) message

    The ATO is correcting the issue with a space within the EPF message shortly.

    Wrap up and close

    The chair thanked the group for their attendance and participation.

      Last modified: 27 Sep 2021QC 66865