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  • SMSF Rollovers and Release Authorities v3 Co-design Group key messages 5 June 2020

    Welcome

    The chair welcomed attendees and summarised previous meetings of this group and impacts from COVID-19.

    Implementation timeline

    A presentation of an indicative draft revised implementation timeline was provided which reflected a proposed extension to the transition window for funds.

    General support from the group for the implementation timeline is to be deferred.

    Release Authority errors and user guide

    The group walked through the Release Authority (RA) errors and user guide.

    Discussion focused around the proposed user guide changes for Release Authority Statements (RAS), noting the following:

    • other updates to be considered to help individuals nominate the right account for release
    • scenario where RAS and payment inadvertently sent twice by the fund
    • scenario where paper for Release Authority received, but the response is via SuperStream RAS
    • scenario if a First Home Super Saver RA needed to be revoked/refunded
    • options for resolving RAS messages that aren’t received by the ATO.

    An update was also provided on the technical artefacts.

    Action item

    Industry to provide feedback on Rollover User Guide.

    Due date

    19 June 2020

    Responsibility

    ATO

     

    Action item

    ATO to consider feedback from meetings and update the user guide, and consider other guidance updates.

    Due date

    3 July 2020

    Responsibility

    ATO

    Forward engagement plan/approach

    The group ran through the forward engagement plan/approach and discussed:

    • co-design group — one hour meetings monthly from July to Dec 2020
    • dedicated sub-group for onboarding and transitional issues to be formed —meeting format to be confirmed due to social distancing and travel restrictions
    • industry-wide meetings monthly from July 2020, increasing to fortnightly in February 2021
    • ATO to consider broader communications to the industry, particularly the SMSF industry, and to make further attempts to connect with electronic service address (ESA) providers.

    Action item

    ATO to issue schedule of meetings, testing and onboarding artefacts.

    Due date

    16 June 2020

    Responsibility

    ATO

     

    Action item

    ATO to provide further artefacts to guide funds through transition period — to be developed as part of the sub-group work.

    Due date

    31 July 2020

    Responsibility

    ATO

      Last modified: 06 Jul 2020QC 63119