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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 23 February 2021

    Opening address

    The Chair welcomed attendees to the meeting. The Chair gave the aim for the meeting and outlined the agenda.

    The ATO are entering a new phase for Rv3 with ATO deployment in March 2021, the beginning of onboarding and implementation. The ATO recognises the need to work collaboratively with industry to ensure a successful implementation.

    Testing, onboarding and implementation

    The ATO is publishing weekly testing/implementation updates to the Rv3 web page and will provide additional Rv3 guidance documents.

    Electronic Service Address (ESA) providers building Rv3 are currently having catch ups with ATO regarding testing, onboarding and implementation. The ATO will be providing the updated implementation picture following the completion of these catch ups.

    Implementation roadmap

    This is quick reference tool, and high-level snapshot to provide consistency around understanding and communication about the phases involved in implementation.

    The group provided the following feedback:

    • Where details around peer to peer testing requirements/dates have already been provided, there is no need to provide this detail again (unless there has been a change).
    • The ATO confirmed that testing requirements for readiness to move to production are ultimately for self assessment by trustees, but it is recommended that funds have tested with an SMSF provider. Any onboarding documentation to be explicit regarding what is required versus what is recommended.
    • Exploring ways to reduce number of APRA/SMSF tests required, for example common solutions that may not require individual testing of each common platform.

    Rv3 Information Forum draft terms of reference

    Rollover v3 Implementation Forum meetings are starting soon on a fortnightly basis. Details about the forum will be launched via a Super News article.

    Funds to register their interest, then a reminder email will issue (as per the machinery for the Super and Employment Change Network meetings).

    Issues, and lessons learned will be published on Rollovers v3 webpage, following each meeting.

    A trustee letter regarding the move to the next phase of Rv3 will also be issuing. A CRT Alert advising when the letter is sent and its contents will also issue.

    Member verification service and manual verification of SMSFs

    The current process for manual verification work (where funds are unable to receive a verified response from Member Verification Service) will change from 1 May and be managed by the Superannuation Client Relationship Team (CRT).

    • Once funds are using the SMSF verification Service (SVS), manual verification will only be required where unable to use the SVS (such as not holding a TFN).

    Not building the SVS is not a reasonable scenario for using manual verification service.

    Industry advised large volumes of manual verification emails will be coming to ATO Service Delivery if the Business Portal is decommissioned during Rv3 transition window.

    Updates to Q&As – onboarding and implementation information

    The draft updated onboarding and implementation information document was provided to the group in the meeting papers.

    Question 19 – Clarified that the legal obligation has been met once the fund has successfully verified the member/SMSF and funds may call the service again immediately prior to sending the rollover, if they believe it is reasonable and appropriate. Noting each SVS call will result in a separate email/SMS alert to the individual.

    Other business

    ATO confirmed that the updated Member Implementation Guide and User Guide are to be published shortly.

    An updated artefact summary will be included with key messages.

    The group supported a proposal that the ATO work to implement a control on the Electronic Portability Form (EPF) where the ATO does not issue an EPF where the receiving fund (of the rollover) is an SMSF without a Rv3 certified ESA provider.

    The chair thanked the group for their attendance and participation.

    The group supported an adhoc basis for meetings going forward.

    Next meeting will discuss next level of detail for testing/onboarding documentation to ensure it addresses industry needs and the group agrees with the proposed approach.

    Post meeting update – Action item 02/2021_05 – In practical terms you have met your Release Authority Statement (RAS) obligation when you submit a successful RAS. This will be confirmed by receipt of a successful Release Authority Statement Outcome Response (RASOR) message from the ATO.

    Q20 of the Implementation and Onboarding Information (PDF 384KB)This link will download a file is being updated on the timeframe for fixing an error after a RASOR message, and a new item will be added to address RAS lodgment obligations.

      Last modified: 14 Apr 2021QC 65291