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  • Super Measures Group key messages December 2018

    Welcome (Jason Lucchese)

    Key messages

    Jason welcomed the group and introduced Stevie Worthington from the Super Government Liaison team. Stevie provided an update the current status of legislation.

    The Senate order of business shows none of the superannuation bills listed for hearing that are outstanding.

    The Senate was scheduled to hear three superannuation measures this 8th week of sitting. This was the last opportunity for passage of bills prior to Christmas.

    A single Bill was passed by the Senate on Wednesday 5 December 2018 and is awaiting agreement from the House of Representatives due to amendments. This was Treasury Laws Amendment (2018 Measures No.4) Bill 2018 – it includes the SG integrity measures as follows:

    • Strengthening Director Penalty Notices, Security Deposits, enhanced disclosure, court orders
    • Providing a directions power in SG law – education, pay SG, court orders
    • Modernising super fund reporting
    • Extending Single Touch Payroll (STP) for all employers
    • Removal of requirement to lodge bi-annual lost member statement
    • The clean-up of reversionary Transition to Retirement Income Stream (TRIS)
    • Removal of double taxation of some deferred annuities.

    This was the last opportunity for passage of bills prior to Christmas.

    Better integrity over deduction for personal contributions (Anthony Clarke)

    Update on info graphic and compliance letters

    Key messages

    • The group were updated on what we have seen around personal superannuation deductions.
    • We have seen a 2.5% error rate which is up from 2.4%.
    • The draft info-graphic for super funds and draft advisory email and letter were shared with the Super Measures Group. The intent of the info-graphic the advisory email/letter is to help educate clients on how to correctly claim a deduction in their 2018 tax return and minimise the error rate.
    • We are also keen to use the these products for tax agent lodgements given the self-preparing population would have lodged during Tax Time. We are looking to send the email and letter out by early February.

    Action item

    Due date

    14 December 2018

    Responsibility

    Super Measures Group

    Details of the action item

    The Super Measures Group to provide feedback on the draft info-graphic for super funds and draft advisory email and letter. Feedback to be provided to the Super Consultation mailbox by Friday 14 December.

     

    Action item – (Post meeting note – completed 6 December)

    Due date

    14 December 2018

    Responsibility

    Super Consultation Team

    Details of the action item

    Super Consultation team to send reminder to the Super Measures Group to provide feedback on the Infographic and advisory email and letter by Friday 14 December. Completed on 6 December.

    Re-versioning the Rollover MIG including SMSF Rollovers (Tracie Crowden)

    A SMSF Rollovers in SuperStream design walk-through workshop is being held in Sydney on the 6 December. The group will walk through the re-versioning of rollover, and look at the validation services, risks, law, contingencies, and the structure of messages and what they will look.

    Documentation of the draft design and key messages from the workshop will be sent to wider the Super Measures Group.

    Action item

    Responsibility

    Tracie Crowden

    Details of the action item

    To issue to the Super Measures Group the draft design and documentation from the SMSF Rollovers in SuperStream design walk-through workshop and key messages.

    Close (Jason Lucchese)

    • Key messages
    • Release Authorities update – following the SuperStream Reference Group meeting held last week the ATO’s current position is that it will not be proceeding with Release Authorities as part of MIG3 at this point in time.
    • Jason thanked everyone who participated in the SMSF Rollovers in SuperStream design walk through in Sydney.
    • The next Super Measures Group meeting is scheduled for Monday 11 February 2019. A calendar invitation will be issued to the group.

    Attendees

    Adam Stone, Rest Super

    Anna Tran, BGL

    Anthony Clarke, ATO

    Belinda Black, ATO

    Blair Lauchlan, ATO

    Catherine Best, QSuper

    Chris Denney, SuperChoice

    David Delaney , ANZ

    David Haynes, AIST

    David Keating, Australian Super

    David Kerr, NAB

    Dianna Orbell, Sunsuper

    Erica Hobson, Mercer

    Gavin Hayhurst, ATO

    Heide Stewart, IOOF

    Ian D Gray, NAB

    Jason Lucchese, ATO

    Jim Curtis, Rest Super

    Jimmy Sun, BT Financial

    John Kennedy, CBA

    Kelly Kerr, AMP

    Kylie Smith, ATO

    Martin Mikulicin, BT

    Narelle Telfer, Mercer

    Pamela Cook, ATO

    Reece Parry, ATO

    Sandra Pilgrim, First State super

    Sarah O’Brien, GNGB

    Spiros Koziaris, ASP

    Stephen Milburn, Sunsuper

    Trace Crowden, ATO

      Last modified: 18 Dec 2018QC 57670