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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 3 December 2020

    The Chair welcomed attendees and provided the intent for the meeting and outlined the agenda.

    SMSF rollover security

    The chair lead the discussion on SMSF Security:

    • The group needs to ensure that in our design we are not sacrificing security in efficiency.
    • The ATO has worked through the legislative provisions to develop an approach that ensures funds can continue to do security checks but within the SuperStream requirements. Further proof of identity and bank account information can be requested once a request is received if it is in the approved form. The draft approved form includes these items.
    • The provisions then set out that trustees must request the information within five days of receiving the rollover request. Then, within three days of receiving that information, trustees must make the rollover. This still improves the timeliness of SMSF rollovers as those legislated SuperStream timeframes don’t current apply.

    Onboarding and implementation information

    • A paper was presented around the Onboarding and implementation information document. The chair asked that industry advise of any show stoppers by COB 4 December 2020.

    SMSF Verification Service and SMSF MemberTICK Business Implemenation Guide

    • Discussion focussed on the SMSF Verification Service (SVS) and SMSFMemberTICK artefacts. The ATO asked industry to advise of any show stoppers by COB 4 December 2020.

    Rollover conformance testing

    Discussion of the Rollover conformance testing:

    • Release Authorities and Release Authority Statements (RAS) SMSF sample data is being uploaded to the External Vendor Testing Environment (EVTE).
    • From 12 December 2020, EVTE should be ready for everyone to test their complete Rv3 solutions.
    • SVS and SMSFMemberTICK services have been available in EVTE for a number of months with no issues raised by those in industry who have been EVTE testing the services.

    Post-meeting note:

    • Minor corrections are required to the testing scenarios and test data which will be resolved in an upcoming release early in the new year.
    • We are managing a workaround with those Gateways who are ready now to commence testing to avoid any delays.

    Taxonomy change update

    • The group were provided an update on the Taxonomy change, advising that the alignment of RAS validation rules for codes into EVTE will be complete by the January release.

    Legislative Instrument for consultation

    • The group were advised that the Draft Legislative instrument and Explanatory statement reflecting the changes in the SuperStream schedules is available for public consultation with period for feedback closing 4 January 2021.
    • It was highlighted for the group that all non-complying funds are explicitly excluded from the standard in the consultation drafts, responding to previous industry queries.

    Other Business

    Access Manager awareness sessions

    Awareness sessions will be run by the Enabling Services Team over the next few months on Access Manager including slidepacks issuing to attendees.

    Communications and other measures to address Electronic Service Address provider pain points regarding Access Manager are being worked through, including video demonstrations on setting up Access Manager.

    Death benefit rollovers

    The group were asked whether funds making a death benefit rollover to another fund did so in the beneficiary’s name or the deceased’s name. The group confirmed that the rollover was made in the beneficiary’s name.

    The group were thanked for their attendance and participation, and valuable discussion.

      Last modified: 22 Dec 2020QC 64481