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  • End of year message for our industry partners

    As we reflect on 2021, by working closely together the ATO and Industry have both delivered a range of new measures and large-scale change. We successfully designed and delivered two of the four components of the Your Future Your Super reform package:

    • the comparison tool for MySuper products (YourSuper comparison tool) went live on 1 July 2021
    • the stapling service for employers to find an existing stapled super fund for a new employee if they have not exercised choice went live on 1 November 2021.

    We also implemented:

    • SMSF Rollover V3 (including Release Authorities) into the SuperStream data standard – increasing the use of SuperStream and reducing manual workloads
    • an interim reporting solution to cater for the trustee voluntary payment process until superannuation providers were able to onboard to Rollovers v3.0 (the enduring solution)
    • Reuniting More Superannuation Bill - to facilitate the closure of eligible rollover funds (ERF). Our tailored approach has assisted ERFs in reporting and paying all accounts to us.

    We updated our SuperMatch terms and conditions to version 9, introduced member verification, improved monitoring activities, and a new application process. SuperMatch alerts were issued after receiving information on suspicious activity linked to mobile numbers.

    We've seen an increase in successor fund transfers (SFT’s) and encouraged funds to approach us early for advice and support.

    We focused on campaign activities, working with funds and administrators to support accurate, timely reporting, and resolving issues. Together, we undertook education campaigns focused on unclaimed super money, annual MATS reporting, unlinked MATS accounts and employer period dates.

    We'll continue in our partnership to implement new measures, provide sound advice and support, and undertake engagement campaigns to improve the integrity of member information.

    Wishing you, our industry partners, a Merry Christmas and Happy New Year. We look forward to working with you in 2022.

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      Last modified: 14 Dec 2021QC 67525