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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 12 March 2021

    Opening address

    The chair welcomed attendees, outlined the aim of the meeting and the agenda of the day.

    The chair advised the group that the ATO Online Communication Working Group meeting was held on the 2 March 2021, which discussed changes to the transfer super form that pre-populates or ask for SMSF bank details and Electronic Service Address (ESA) information to be provided.

    The ATO is looking to update ATO Online help aside content for individuals to be clear that information captured on the electronic portability form will also be requested from their funds and will look to add content to the onscreen message if possible.

    A new Q&A will also be added to our SuperStream Rollover v3 Implementation and onboarding information document to cover off this advice.

    Rollover v3 orchestration plans

    Detailed discussion focussed on the Business to Business (B2B) orchestration plan and the Government to Business (G2B) orchestration plan documentation key points included:

    B2B orchestration plan

    The ATO will divide industry into cohorts for an approximate 5–10 business day onboarding period. This will be a mix of APRA and SMSF providers. These will include daily stand up meetings and an ATO co-ordinator in each cohort to work through any issues identified.

    The ATO acknowledged the critical role of SMSF providers and are engaging directly with them on their readiness and commitment to B2B testing.

    A draft cohort schedule is in progress based on dates previously advised from industry. Industry to advise as early as possible if readiness dates change, as the closer we get to 30 September 2021.

    G2B orchestration plan

    The group were advised the recommendation is that funds do G2B testing before B2B testing.

    SMSF provider readiness update

    Discussion focused on SMSF provider readiness key points included:

    • Four SMSF providers have indicated that they will be ready to start testing by mid-April to mid-May (dates subject to change).
    • The ATO is looking to schedule a meeting to go through the detailed testing requirements along with working through the cohort schedule to obtain their feedback and agreement.
    • The schedule will be shared with the codesign group once this feedback has been incorporated.
    • Post meeting note – A fifth SMSF provider has notified the ATO that they will also build the Rollover v3 functionality.
    • The ATO will communicate with SMSFs through publishing web content, news articles and ATO Online messages. The ATO will also be updating the existing published list of ESA providers for SMSFs which will be Rollover v3 compliant.

    Post meeting note – A fifth SMSF provider has notified the ATO that they will also build the Rollover v3 functionality.

    Artefacts

    The group were provided with and talked through the technical documentation which included an artefacts summary, an implementation roadmap, the production readiness summaries and the issues register for technical artefact changes.

    Other business

    The chair thanked the group for their attendance and participation.

    Post meeting note – The ATO can now confirm the updated Rollover v3 MIG and User Guide were published on 17 March 2021.

      Last modified: 14 Apr 2021QC 65292