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  • Super Measures Group (SMG) key messages October 2018

    Welcome

    Jason welcomed the group and acknowledged the status of legislation is still to be debated. Agenda for the day has been structured around progress since the last meeting.

    Protecting your super package

    Pamela Cooke updated the group on how the ATO will determine the number of accounts reported as insoluble lost and inactive low balance accounts using code P for the 31 October 2019 due date. If funds have not previously reported members as lost via the MAAS but have paid these accounts as insoluble lost using code P, then they need to advise the ATO of those members.

    ATO to explore the level of details required from funds in order to identify the insoluble lost accounts and how this will be provided to the ATO. A potential channel is for the information to be provided via the Data Transfer Facility (DTF). Further information regarding this will be available closer to the reporting date.

    Members were reminded that this group is the design authority, and once a proposed design is reached it will be shared with the broader super consultation group for comment and feedback and then the approach will be communicated more broadly.

    SMSF Rollovers MIG v3

    Tracie Crowden discussed the design session that was held on 26 September. This smaller targeted group worked through the high level design. It is currently with the representatives from that group for feedback and due back by 12 October. Then it will be socialised with this group.

    The high level design will be finalised by October 2018

    The timelines were discussed to include SMSF to be transacting with rollovers in SuperStream by November 2019. The detailed design needs to be finalised by November 2018 and also artefacts out to this group by November 2018.

    An external vendor testing environment (EVTE) to test the rollover message will be made available middle/late 2019.

    As part of the design, there will only be a single message for rollovers.

    The ATO will stand up a SMSF verification service – this is verified against ATO held information. It will return back to funds a verified or not verified message.

    ATO will need to make changes to the ATO electronic portability form to allow for SMSFs. This will enable the ATO to initiate a rollover on an individual’s behalf.

    In the next couple of weeks this group will receive the package of the high level design to provide any further feedback.

    At the workshop, there was an action item to look at what the ATO can provide in regard to verification services. This will be included in the high level design package.

    Release Authority

    Jason Lucchese advised the group that the ATO is working towards a position internally by end of next week. 

    Once we have a formal position we will communicate the position to this group and what next steps may look like.

    We need to work through a number of scenarios that may be presented to us – ideal scenario in corporation with SMSF rollover change, de-coupling option or the timing for a version 4.

    Work Test

    Blair Lauchlan advised the group that the draft legislation for work test has been released for consultation and submissions close on 26 October.

    ATO provided an update of our interpretation of how the administration may work and encouraged funds to do the same.

    Close

    Next meeting is scheduled for Wednesday 7 November 2018.

    Attendees

    Anna Tran

    BGL

    Belinda Black

    ATO

    Blair Lauchlan

    ATO

    Catherine Best

    QSuper

    David Delaney

    ANZ

    David Keating

    Australian Super

    Debra Goldfinch

    ATO

    Erica Hobson

    Mercer

    Hans van Daatselaar

    ASP

    Heide Stewart

    IOOF

    Ian D Gray

    NAB

    Ian Morgan

    ATO

    Jason Lucchese

    ATO

    Joanne Ng

    BGL

    Kelly Kerr

    AMP

    Kylie Smith

    ATO

    Martin Mikulicin

    BT

    Mel Birks

    ASIC

    Mike Denniss

    Class Super

    Narelle Telfer

    Mercer

    Pamela Cooke

    ATO

    Richard Webb

    AIST

    Sandra Pilgrim

    First State Super

    Sarah O’Brien

    GNGB

    Spiros Koziaris

    ASP

    Sue Pearce

    Link

    Tracie Crowden

    ATO

    Apologies

    Louie Markovski

    ATO

    Gavin Hayhurst

    ATO

    David Kerr

    NAB

    John Kennedy

    CBA

    Meg Heffron

    Heffron

    Paul Li

    Class

    Peter Johnson

    Link

    Stephen Milburn

    Sunsuper

      Last modified: 18 Oct 2018QC 57107