• Superannuation Communique November 2016

    Monthly superannuation remittance and recovery processing schedule

    Updated ISAT protocol released

    New super calculator for funds and SMSFs

    SuperStream – allocating non-compliant contributions from employers

    Departing Australia superannuation payment

    SuperMatch ECI service and SuperMatch2

    Monthly superannuation remittance and recovery processing schedule

    Our super processing schedules for December 2016 and January 2017 are outlined below.

    If any urgent changes are required to this schedule outside of the communique, a CRT Alert will be issued.

    December 2016

    Product

    Correspondence issuing week beginning

    Co-contributions recovery

    Monday 05 December

    Low Income Superannuation Contribution (LISC) recovery

    Monday 05 December

    Co-contributions remittance advice

    Monday 05 December

    Unclaimed Super Monies (USM) remittance

    Monday 12 December

    Super Guarantee remittance advice (Legacy)

    Monday 12 December

    First Home Saver Account (FHSA) remittance advice

    Monday 12 December

    Superannuation Holding Account special account (SHAsa) remittance advice

    Monday 12 December

    Low Income Superannuation Contribution (LISC) remittance advice

    Monday 12 December

    Unclaimed Super Monies (USM) recovery

    Removed from Schedule

    Super Guarantee recovery notice (ICP)

    Removed from schedule

    Super Guarantee remittance advice (ICP)

    Removed from schedule

     

    January 2017

    Unclaimed Super Monies (USM) remittance

    Monday 09 January

    Co-contributions remittance advice

    Monday 09 January

    Super Guarantee remittance advice (Legacy)

    Monday 09 January

    First Home Saver Account (FHSA) remittance advice

    Monday 09 January

    Unclaimed Super Monies (USM) recovery

    Monday 16 January

    Super Guarantee recovery notice (ICP)

    Monday 16 January

    Super Guarantee remittance advice (ICP)

    Monday 16 January

    Superannuation Holding Account special account (SHAsa) remittance advice

    Monday 23 January

    Unclaimed Super Monies (USM) remittance

    Monday 23 January

    Low Income Superannuation Contribution (LISC) remittance advice

    Monday 23 January

    Co-contributions recovery

    Monday 30 January

    Low Income Superannuation Contribution (LISC) recovery

    Monday 06 February

    Updated ISAT protocol released

    The ISAT protocol version 4 was published 17 October 2016, with the following main changes from version 3:

    • Addition of guiding principle for the ATO in its approach to merging funds
    • Detailed guidance on transferring and receiving funds’ MCS lodgement over the period of a merger.
    • Update to member information eXchange (MiX) and SuperTICK timelines
    • Update to lost member reporting during an ISAT
    • Refund of no – TFN contributions tax to a receiving fund (new ATO view)
    • Spouse contribution splitting in a receiving fund
    • Update to release authority process.

    New super calculator for funds and SMSFs

    We have released a super fund/self-managed super fund PAYG instalments calculator to accompany the PAYG instalments calculators for individuals and companies on our website.

    Next step:

    • PAYG instalments calculator

    What does the calculator do?

    The calculator is for Australian superfunds and will allow super fund (and SMSF) taxpayers to calculate appropriate PAYG instalments payments based on their current year inputs and expenses.

    The user can choose if they wish to include their current year net capital gains – which are normally excluded from standard calculations

    The calculator can be used to estimate a taxpayers PAYG instalment amount or rate for

    • The current financial year
    • Final activity statement for the last financial year (if not yet due)

    Why is the super calculator useful?

    This tool will improve the client experience by enabling taxpayers to confidently calculate their PAYG instalments and vary rate or amount more accurately. This is an important tool as it will help avoid possible interest charges.

    Trustees will be able to work out their instalment values with a level of assurance that can minimise end of financial year taxable debt and payment plans.

    The web based calculators can also be used to help taxpayers decide if they should enter or exit the PAYG instalments system.

    The help function can help answer any questions a person may have on their calculator.

    SuperStream – allocating non-compliant contributions from employers

    The compliance flexibility period for small businesses implementing SuperStream ends on 28 October 2016.

    While the ATO will continue education and awareness activities for small businesses not yet SuperStream compliant, it is critical employers are able to continue meeting their superannuation guarantee obligations.

    Where a fund can identify the member’s account they should accept and apply the payment. The fund is encouraged to then work with the employer to move them to a SuperStream solution or if necessary, refer the employer to the ATO for direct assistance.

    As a fund cannot always identify an employer from a non-compliant contribution The ATO will soon be contacting trustees to discuss sharing information to help identify employers who may require more support to connect to a SuperStream solution.

    The ATO also recognises some small businesses cannot meet SuperStream due to digital literacy and access issues and is working on developing an alternative solution

    For further information, email superstreamstandards@ato.gov.au

    Departing Australia superannuation payment (DASP)

    Currently when a member submits a DASP application to a super fund via DASP online, no alert is sent to the super fund, or their administrator, to advise that an application has been submitted.

    Super funds (or their administrators) should access this service regularly to collect DASP applications submitted by members. This ensures that DASP payments are processed by the fund within 28 days of receiving completed applications.

    An administrator may be appointed to access and process applications on your behalf. The administrator must have an AUSkey to access the system. When the administrator gains access, they may view, print and reject applications on behalf of the fund.

    For more information about the DASP online system for funds and administrators, visit accessing the DASP Online system.

    SuperMatch ECI service and SuperMatch2

    SuperMatch ECI service

    The decommissioning of the ECI SuperMatch service will be delayed from November 2016 till April 2017.

    Update: The SuperMatch ECI service will not be decommissioned in April. We will assess the need for this service in mid-2017 and provide advice at that time about its decommissioning.

    SuperMatch2

    SuperMatch2 functionality will return a list of superfund memberships for nominated individuals and allow the transfer any ATO Held monies. However, we cannot always guarantee that your request to transfer ATO held monies will result in the transfer to your fund. The following reasons may prevent the transfer:

    • Individuals requesting transfer to another fund
    • The monthly payment runs identifying reasons why the amounts should not be transferred.  
      • USM credits for former temporary residents
      • Non complying fund

    In these circumstances you will not be notified that the transfer could not be completed

    Please note:

    Supermatch2 terms and conditions state you must have members consent before transferring Unclaimed Superannuation Monies (USM)

    Regards

    Client Relationship Team (CRT)

    Client Account Services

    Australian Taxation Office

      Last modified: 26 Apr 2017QC 50581