• CRT Alert 033/2016

    ATO to Fund (G2B) USM rollovers v2.0 goes live on 14 November 2016

    On 14 November 2016 the ATO will begin sending Unclaimed Superannuation Money (USM) to funds through the SuperStream data standard. Funds have worked hard to implement changes to their systems and processes, to receive and support rollovers of USM from the ATO.

    The first 7 days of this release (from 14 to 22 November) will be used for business deployment verification (BDV). This will ensure end-to-end systems and processes from the ATO through Gateways to funds and back to the ATO are working according to the design and providing the correct outcomes for funds and their members.

    BDV will be a tightly controlled process to ensure slow and gradual cutover of funds while we confirm the integrity of the system implementation. Funds involved in BDV have been contacted and will be provided ‘hyper care support’ and daily communications during this period.

    Further information about BDV and the changes to USM payment processes can be found on the Software Developers website.

    In addition to receipt of USM through SuperStream, from 14 November funds will also be able to view their superannuation account, transactions and details online through a new menu option in the business portal. Further information about how to view online superannuation transactions can also be found on the Software Developers website.

    What else is changing on 14 November 2016?

    SuperStream USM payments will be electronic:

    • Only EFT (electronic funds transfer) payments are allowed in the data standard.
    • The ATO has a new RBA bank account for inbound

    SuperStream payments.

    • Funds will return payments to the ATO with a payer-defined PRN (payment reference number). Our systems are designed to utilise the elements in the data message to allocate the payment to the correct USI (unique super identifier) account and role.

    View account transactions online and in more real time:

    • Paper Statements of Account will no longer be issued.
    • Remittance letters will refer funds to use the ATO business portal to view their transactions online.
    • USI product names will be visible from Wednesday 16 November 2016.
    • Closed USI accounts will still be viewable through the business portal; however the product name will not be visible for closed USI accounts.
      Last modified: 06 Dec 2016QC 50715