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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 11 September 2020

    Opening Address

    The chair welcomed attendees, including a representative from Australian Prudential Regulation Authority (APRA) to hear Industry in discussion with ATO. The chair provided the aim for the meeting to be determining if there is anything the group can discuss to strengthen anti-fraud measures especially against identity theft, which is a significant risk after implementation of any new measure.

    Objectives for the day

    An outline the objectives for the day were provided which included:

    • more robust discussion about anti-fraud measures for Rollovers V3
    • best practice guide for funds to consider increasing security
    • updating the prudential approach via APRA participation.

    Revisiting security and controls

    A paper was presented on the SMSF risk mitigation with updates on what the ATO is working on currently or potentially in the future.

    A further paper was presented with questions to help build a best practice guidebook via Industry discussion on fraud control measures.

    The ATO advised it is conducting a mailout to SMSF trustees to advise new and existing SMSFs to update their bank accounts to unique accounts, as previous mailout had success in getting a significant portion of recipients to change to unique accounts.

    Industry supported an update to existing APRA guidance (such as CPG 234 Information Security) from APRA and ATO perspective to the contemporary environment of 2020 and 2021.

    ATO undertook to investigate appropriate messaging to individuals regarding both potential delays in rollover processing, and information about supporting documentation to prepare that their transferring fund will likely request.

    Onboarding team update

    Onboarding templates were due 28 August, the ATO is pulling the initial picture together and chasing up funds which have not yet sent a response.

    Gateway Network Governance Body (GNGB) working with ATO on gateway picture.

    ATO meeting with electronic service address (ESA) group is being organised to share the Industry and gateways picture to inform onboarding planning.

    Cutover scenarios are being finalised for next discussion with this group in October 2020.

    The ATO is working on getting the initial onboarding picture and support documents out to Industry by the end of September 2020.

    September communication update

    The ATO is working on a single, open to all, web location for all RV3 content either the documents themselves or direct links, including questions and answers in an externally consumable format and cutover scenarios.

    SMSF general awareness messages to that audience on what they will need to do and what they won’t need to do to be prepared for Rollover V3.

    Broader APRA messages to reach broader Industry beyond this Co-design group, to enable self-service for those not currently engaged in the consultation process.

    • User guide content
    • Conformance suite
    • Fund, gateway, and ESA readiness picture.

    Wrap up and close

    The group were thanked for their attendance and participation, and valuable discussion. ATO recognised that bank account verification continues to be a key issue that needs to be addressed for Rollovers V3 at this stage.

    The chair thanked the representative from GNGB and APRA for attending and hearing from Industry directly.

      Last modified: 15 Oct 2020QC 64033