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  • Super Measures Group key messages April 2019

    Welcome

    Jason Lucchese Assistant Commissioner welcomed the Super Measures Group.

    • A reminder that caretaker period formally commenced on 11 April. During the caretaker period the business of government and ordinary matters of administration continue. Implementation of measures and consultation on administrative matters for existing legislation will continue were law has been enacted. Any un-enacted measures cannot be consulted on or discussed until the outcome of the election is known.

    Update on technical documentation and budget announcement

    • Outcomes of the budget announcements – two potential impacts on the ATO’s progress with the SMSF Rollovers in SuperStream:
      • Release Authorities will be digitised and incorporated into the rollover message version 3.
      • delayed implementation of SMSF rollovers in SuperStream so all changes could coincide to be effective from March 2021.
    • As the enactment of this announcement is dependent on regulations being updated, the ATO is continuing to work towards the current effective start date for SMSF rollovers in SuperStream which is 30 November 2019.
    • We are continuing to work on updating the technical documentation for the two services ie SMSF Member Services Tick and the SMSF Verification Services. The updated message structure tables will be published on the 18 April 2019.
    • Other technical documentation around the validation rules and response codes are scheduled for July 2019 and are track to be published.

    Protecting Your Super Package

    • The third iteration of the Issues Log was sent out on Friday 12th April. The Issues Log will continue to be updated with new questions or issues as they come through.
    • The ATO is currently working through the feedback on the member declaration form and the channel A and B process maps.
    • Where a fund interacts with their member to obtain their authorisation to provide the written notice to the ATO as an agent for the member, the ATO will not prescribe any specific format the communication needs to take. Only confirmation is that the trustee must be satisfied they have authorisation from the member to provide the written notice. The Australian Securities and Investments Commission (ASIC) may be interested in how trustees communicate to the member during the exchange.
    • ASIC referred members to communication currently available and impending media release advising that member communication must be balanced and factual.
    • The authorisation (where the member gives the fund authority to operate on the members behalf) part of the form can be electronic (if the trustee is satisfied that is adequate for them to obtain a member’s authority to act as agent).
    • Where the fund acts as agent for the member, it is actually the spreadsheet information which the fund provides to the ATO which is the written notice as required by the law.
    • In the Member Declaration process document, channel B contains the data that the ATO will require from the fund, but format will be confirmed when the next version is released.
    • The basic data as outlined in channel B, is what the ATO will ask funds to provide when members make a declaration. We are developing a template to be used via the Business Portal. We will provide a copy as soon as it is available.
    • ATO will clarify the format and order of the data we need when the fund provides the ATO with the declaration.
    • The ATO is:
      • analysing the 850,000 accounts – information to go out to the Super Measures Group in May
      • updating the Unclaimed Superannuation Money (USM) protocol document
      • preparing FAQ document (based on the issues log) to get out in May
      • going to write to all trustees so they all know what the requirements are. Members provided suggestions for content into the letter.
    • APRA is working closely with the ATO and are fully cognisant of the approach with regard to the reading of the law and the transitional approach in relation to item 8 in the issues log.
    • The reference to the definitions of MySuper and Choice product in the SIS Act will be included in the issues log.
    • The ATO view is that no Member Account Attribution Service (MAAS) or Member Account Transaction Service (MATS) changes are required to implement this measure (including issue 8).

    Close

    • Members were encouraged to continue to send through any feedback to PYSProject@ato.gov.au
    • Questions for APRA’s can be sent to PYSP@APRA.gov.au

    Attendees

    Organisation and name of attendees

    Organisation

    Members

    IRESS

    Andrea Cooper

    QSuper

    Andrew Stewart

    ATO

    Belinda Black

    ANZ

    David Delaney

    AIST

    David Haynes

    Australian Super

    David Keating

    NAB

    David Kerr

    SMSF Association

    Franco Morelli

    Mercer

    Erica Hobson

    ATO

    Graham Whyte

    ASP

    Hans van Daatselaart

    ATO

    Ian Morgan

    ATO

    Jason Lucchese

    UniSuper

    Kenny H'ng

    ATO

    Larissa Evans

    Link

    Mary Gale

    ASIC

    Mel Birks

    Mercer

    Narelle Telfer

    ATO

    Neill Stromborg

    ATO

    Pamela Cooke

    APRA

    Sacha Vidler

    First State Super

    Sandra Pilgrim

    Sunsuper

    Stephen Milburn

    Link

    Sue Pearce

    IOOF

    Tania Wilson

    ATO

    Tim Pulsford

    ATO

    Tracie Crowden

    Apologies

    Organisation

    Members

    Catherine Best

    QSuper

    Heide Stewart

    IOOF

    Louie Markovski

    ATO

    Peter Johnson

    Link

    Next meeting: 6 May 2019.

      Last modified: 29 Apr 2019QC 58682