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  • SMSF Rollovers and Release Authorities v3 co-design group key messages 4 March 2020

    Welcome

    The chair opened the meeting, and welcomed those in attendance.

    Trustee Voluntary Payments

    The chair noted the Treasury Laws Amendment Reuniting More Superannuation Bill 2020 was before Parliament. The group were advised the Bill introduces a requirement for eligible rollover funds to transfer accounts to the ATO. Other proposed amendments to the Bill were also discussed.

    The chair advised that the ATO is unable to make comment on the Bill passing. If it does pass the ATO will look to introduce a new code to allow reporting of this new category of amounts in the unclaimed super money (USM) message.

    The group agreed the introduction of a new code in version 3 of the rollover message would be supported.

    The ATO to update technical documentation to include the new code.

    Implementation and testing timeframes

    A walk though of the message implementation guide (MIG3) onboarding process was provided.

    Discussion focussed around implementation, testing timeframes and scenarios around certain funds/products with no digital SuperStream capability.

    The group also went through SMSF Rollovers enabling services presentation.

    SuperStream Rollover v3 SMSF integrity checks

    A presentation of SuperStream Rollover v3 slide pack was provided, providing detail around systems and controls as part of SMSF creation, adding and removing members and updating SMSF details.

    Industry discussion and presentation system controls

    Detailed discussion focussed on systems and controls for APRA funds establishing member accounts and members updating their details, and their proof of identity processes.

    The group also discussed SMSFs establishing and maintaining a relationship with a software provider.

    Member requests to rollover to their SMSF process discussion

    The group discussed the broader process for members requesting a rollover from an APRA fund to an SMSF and the various channels that an SMSF member can use to initiate a rollover to their SMSF.

    Discussion on the end to end process for examining rollover requests received from ATO, SMSF and APRA funds was had. The focus was on funds’ know your client and anti-money laundering obligations.

    Next steps

    The group acknowledged the need to come together more regularly, as well as increasing engagement with the broader industry.

    The group also discussed the need to re-establish regular teleconferences as the ATO moves to testing, implementation and transition. As part of providing a delivery schedule, the ATO will incorporate key consultation/communication activities and milestones.

    Further engagement and consultation has been delayed due to industry and ATO response to COVID-19 economic stimulus measures.

      Last modified: 06 May 2020QC 62525