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  • Superannuation Industry Stewardship Group key messages 7 September 2018

    Welcome and introduction

    James O’Halloran (Deputy Commissioner, Australian Taxation Office) opened the meeting with an acknowledgment of country and welcomed Jane Macnamara and Valya Prouzos as new members to the group.

    Single Touch Payroll (STP)

    John Shepherd (Assistant Commissioner, Australian Taxation Office) updated the group on the progress of STP with 40,000 employers reporting, including 15,000 small employers who have opted in. Data received is being displayed on myGov including year to date super amounts. Options for micro businesses are still being considered.

    Ian Colhoun (Director, Australian Taxation Office) updated the group on the three phases of online employee commencement, with first phase delivered but yet to be taken up by software developers. Work is continuing on the second phase allowing individuals to access the functions directly.

    Outcome: Members were informed on the progress and sought clarification as necessary.

    Next steps: Members to be kept informed of the progress of Single Touch Payroll and its impacts on superannuation.

    Royal Commission reflections

    David Knox (Senior Partner, Mercer) led a discussion with members about reflections on the Royal Commission and the impact it has had on the superannuation industry.

    Outcome: Members had an open discussion about what they have been hearing and potential responses.

    Next steps: Submissions to the Royal Commission relating to round 5 superannuation industry need to be made by 21 September 2018. Policy hearings will be held from 9-13 November.

    Superannuation industry overview

    The group reviewed the activities occurring across the superannuation industry into the future by way of reference to the Superannuation Strategic Map. This standing item outlines the key government agency programs of work, regulatory and agency reforms across the next 18 months.

    Topics open for discussion included:

    • Protecting you super package
    • Comprehensive Income Products for Retirement (CIPRs)
    • Australian Financial Complaints Authority (AFCA)
    • SMSF rollovers
    • New measures subject to legislation
    • Limited recourse borrowing arrangements (LRBA)
    • SG amnesty

    Outcome: Members were informed on the progress and discussed specific events of interest.

    Next steps: Strategic map to continue to be updated and time set aside at future meetings to discuss. This will include the addition of Financial Adviser Standards and Ethics Authority (FASEA).

    Budget measures

    James O’Halloran (Deputy Commissioner, Australian Taxation Office) updated the group on the first home super saver and downsizer and some of the lessons learnt. Members shared their comments about the measures.

    Outcome: Members were informed on the development of budget measures.

    Next steps: Members to be kept informed of the progress of the administration of the measures the ATO is responsible for.

    Digital Identity update

    Ben Foster (Digital Business Lead, Australian Taxation Office) updated the group on the whole of government digital identity program. He discussed a suite of services that would be available over the next six months, the four levels of identification and the impact they may have on the super industry.

    Outcome: Members were briefed in detail on the future direction of digital identity project and how it may apply to the superannuation industry.

    Next steps: Members to be kept informed of the progress of the program.

    APRA Member Outcomes discussion paper

    Valya Prouzos, (Senior Manager, APRA) led a conversation about the discussion paper and submissions received. Further feedback was provided, including a consideration of the interactions with the Royal Commission.

    Outcome: Members were briefed on the status of the APRA Member Outcomes discussion paper.

    Next steps: Members to be kept informed of the progress.

    The future of Super 2024 vision and goals

    James O’Halloran (Deputy Commissioner, Australian Taxation Office) led a discussion with the members about the ATO’s vision and goals of superannuation in 2024. Members provided feedback on the proposals and the role of the ATO in the super system.

    Outcome: Members shared their perspectives on the ATO’s 2024 vision and goals for superannuation.

    Next steps: Members feedback will be taken into consideration when finalising the 2024 vision and goals.

    Other business

    Michelle Dowdell (Principal Adviser, Treasury) advised the group that the Department of Health’s app for 45 and 65 year olds is being launched towards the end of the year as part of the Government’s More Choices for a Longer Life package. The app will assist people to prepare for a longer life with a focus on health, finances, skills and connectedness.

    Michelle also advised the group about that the Attorney Generals Department is developing the National Action Plan on Elder Abuse.

    John Maroney (CEO, SMSF Association) advised the group about inaugural SMSF week, including a three day member focused expo in Sydney, from 19 November.

    James O’Halloran (Deputy Commissioner, Australian Taxation Office) mentioned that David Knox as co-chair had attended the Consultation Steering group and there was a discussion about the difference of the operation of this meeting compared to other ATO stewardship groups. David also reported back on a meeting with other co-chairs of the ATO stewardship groups.

    James also raised the question of changing the November SISG meeting to 7 December due to a lot of commitments in November including Royal Commission round seven hearings focusing on policy questions; ASFA conference and Parliament sitting. Members agreed to change the date with telepresence options to be made available for members who need it. Dates for next year’s meetings will be discussed at the December meeting.

    Attendees

    Industry and Community Members

    Association of Super Funds Australia (ASFA)

    Glen McCrea, Chief Policy Officer

    Australian Chamber of Commerce and Industry (ACCI)

    Dick Grozier, Director Industrial Relations,
    NSW Business Chamber

    Australian Institute of Superannuation Trustees (AIST)

    David Haynes, Senior Policy Manager

    Financial Services Council (FSC)

    Jane Macnamara, Policy Manager

    Industry Super Australia (ISA)

    Michael Fisher, Policy Analyst

    Mercer

    David Knox, Senior Partner, and SISG Co-Chair

    SMSF Association (SMSFA)

    John Maroney, CEO

    Agency and Departmental Members

    Australian Prudential Regulation Authority (APRA)

    Heidi Richards, General Manager

    Valya Prouzos, Senior Manager

    Australian Securities & Investments Commission (ASIC)

    Jane Eccleston, Senior Executive Leader

    Australian Taxation Office (ATO)

    Sarah Kimmorley, Senior Director, Superannuation

    Dawn Martin, Superannuation (Secretariat)

    Treasury

    Robert Jeremenko, Division Head, Retirement Income Policy Division

    Darren Kennedy, Principal Adviser, Retirement Income Policy Division

    Michelle Dowdell, Principal Adviser, Retirement Income Policy Division

    Guests

    Australian Taxation Office (ATO)

    John Shepherd, Assistant Commissioner, Single Touch Payroll

    Ian Colhoun, Director, Single Touch Payroll

    Ben Foster, Digital Business Lead, Digital Communication & Identity Services

    Malcolm Allen, Assistant Commissioner, Superannuation

    Shannon Grubb, Director, Superannuation

    Apologies

    Association of Financial Advisers (AFA)

    Philip Kewin, CEO

    Australian Institute of Superannuation Trustees (AIST)

    Eva Scheerlinck, CEO

    Chartered Accountants Australia and New Zealand (CAANZ)

    Tony Negline, Head of Superannuation

    Law Council of Australia

    Michelle Levy, Partner Allens

    The Tax Institute

    Phil Broderick, Chartered Tax Adviser

    Australian Prudential Regulation Authority (APRA)

    Helen Rowell, Deputy Chairman

    Australian Securities & Investments Commission (ASIC)

    Alex Purvis, Senior Manager

      Last modified: 30 Oct 2018QC 57252