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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 9 June 2021

    Opening address

    The chair welcomed attendees to the meeting.

    Member verification service

    Despite the business portal being set for decommissioning in July, the Member Verification System (MVS) will still be made available up till late September for funds. Communication will be provided to include the link to consume once available.

    Where the SVS is unavailable or the transferring fund does not hold the member‘s tax file number, funds have the ability to request a manual verification via the Super Enquiry Service (SES). Information on how to access the Super Enquiry Service has also been made available.

    SMSF communication plan

    The Draft Rollover version 3 (Rv3) SMSF communications was shared to give an overview of the key messages being provided to SMSF trustees and intermediaries.

    ATO have recently undertaken a campaign to SMSFs reminding them of SuperStream and the requirement to supply their latest bank account details.

    Testing update

    Government to Business testing is progressing well with some funds already having completed the end to end process successfully. Process being enhanced through lessons learnt to streamline future testing.

    Business to Business commenced with a pre meeting with the first cohort group to define the structure and schedule for the testing window. Cohort 1 testing commences on Tuesday 15 June 2021.

    Pre-cohort testing taking place between an SMSF message provider and (APRA fund) software provider.

    Conformance testing guides

    From a review of the current conformance test guides, several repetitions have been identified. There is the potential to streamline the guides, to make it more easily consumable for industry. No changes are being proposed to the actual content within the guides, but only how its presented. The proposed guide changes were approved by the group.

    Implementation and onboarding

    Post meeting update – The viability of using the current excel spreadsheet release authority statements (RAS) reporting process for non SuperStream RAS is being considered by the ATO. Advice will be provided once a decision has been made.

    ATO system enhancement

    Member account number and USI processes

    ATO is looking to make a system enhancement where a paper election form for a streamline Release Authority (RA) product is received with the member account number field blank or the USI is blank for a non-SMSF.

    Between a fund onboarding to Rv3 and the end of the transition period funds may be impacted. Where the:

    • paper election does not include a USI for a non-SMSF, then the RA will be issued via the paper channel
    • paper election does not have the member account number, the RA may issue via SuperStream without content within the field.

    ATO online rollover requests to SMSFs without a rollovers version 3 certified ESA

    Currently a super fund member can make a request using ATO Online to rollover between funds where the transferring fund can receive the Electronic Portability Form (EPF) via SuperStream. We are implementing system changes to ensure that the receiving fund must also be able to receive the transfer via SuperStream for the rollover request to be submitted.

    SMSF alert text messages and SVS fraud

    Alerts have been issued as a result of people changing their SMSF details.

    When the SMSF verification service (SVS) is called by a fund, it will trigger a new alert to their member. These alerts will be sent as a text message or email, or both.

    The alert will be issued directly to that member’s supplied contact details. Other contact details for that member, such as their tax agent details, are filtered out so it can be sent directly to the member.

    Other business

    Artefact summary

    The artefact status summary page has been updated to remove any outdated information and convert all documents to links. All content is now available on the wrapper page.

    Managing release authorities through onboarding window

    Funds will still receive paper Release Authorities during the window immediately after rollovers version 3 certified due to timing of paper correspondence being issued from the ATO and received by the fund.

    Alias casing

    Question raised by the group regarding whether Electronic Service Address (ESA) aliases were case sensitive.

    The ATO advised that ATO online contains drop down lists to mitigate this internally and prevent downstream errors.

    Post meeting update – Electronic Service Address (ESA) is always case insensitive. ATO will add a new Q&A as an additional channel to distribute this information.

    The chair thanked the group for their attendance and participation.

      Last modified: 07 Oct 2021QC 66346