• Superannuation Communique September 2016

    Monthly superannuation remittance and recovery processing schedule

    End-to-end TFN validation process webinar

    Fairer taxation of excess concessional contributions (FTECC) and Refund of non-concessional contributions (RENCC)

    Tax time digital services overview

    Portal outages and system maintenance

    Monthly superannuation remittance and recovery processing schedule

    The ATO superannuation processing schedule for September and October 2016 is outlined below.

    September 2016

    Product

    Correspondence issuing week beginning

    Low Income Superannuation Contribution (LISC) recovery

    Monday 05 September

    Unclaimed Super Monies (USM) remittance

    Monday 05 September

    Co-contributions remittance advice

    Monday 05 September

    Unclaimed Super Monies (USM) recovery

    Monday 12 September

    Super Guarantee remittance advice (Legacy)

    Monday 12 September

    First Home Saver Account (FHSA) remittance advice

    Monday 12 September

    Super Guarantee recovery notice (ICP)

    Monday 12 September

    Super Guarantee remittance advice (ICP)

    Monday 12 September

    Superannuation Holding Account special account (SHAsa) remittance advice

    Monday 19 September

    Unclaimed Super Monies (USM) remittance

    Monday 19 September

    Low Income Superannuation Contribution (LISC) remittance advice

    Monday 19 September

    Co-contributions recovery

    Monday 26 September

    October 2016

    Product

    Correspondence issuing week beginning

    Low Income Superannuation Contribution (LISC) recovery

    Monday, 3 October

    Unclaimed Super Monies (USM) remittance

    Monday, 3 October

    Super Guarantee remittance advice (Legacy)

    Monday, 10 October

    First Home Saver Account (FHSA) remittance advice

    Monday, 10 October

    Co-contributions remittance advice

    Monday, 10 October

    Unclaimed Super Monies (USM) recovery

    Monday, 17 October

    Unclaimed Super Monies (USM) remittance

    Monday, 17 October

    Super Guarantee recovery notice (ICP)

    Monday, 17 October

    Super Guarantee remittance advice (ICP)

    Monday, 17 October

    Superannuation Holding Account special account (SHAsa) remittance advice

    Monday, 24 October

    Low Income Superannuation Contribution (LISC) remittance advice

    Monday, 24 October

    Unclaimed Super Monies (USM) remittance

    Monday, 31 October

    Co-contributions recovery

    Monday, 31 October

    End-to-end TFN validation process webinar

    Our next webinar for APRA-regulated funds is on the end-to-end tax file number (TFN) validation process.

    The webinar session will be held on Wednesday 28 September 2016 and will provide you with:

    • A description of the end-to-end TFN validation process
    • When you shouldn’t accept a rollover or contribution for TFN reasons
    • Current TFN identification issues
    • Information on issues and outcomes of incorrect TFNs
    • An overview of EmployerTICK and SuperTICK TFN validation services.

    Why is this important?

    Members rely on employers and super funds to correctly record their details to avoid losing their super and jeopardising their member benefits through lost earnings and unnecessary administration costs.

    Not all funds are following the best practice approach or processes. This webinar will help you to understand and follow the correct end-to-end TFN validation process to save you time and benefit your members.

    Free and interactive

    Our webinars generally run for 45 to 60 minutes. Those attending will be able to submit questions during registration, or at any time throughout the session. The answers to commonly asked questions will be published on our website soon after the event.

    How to register

    Visit APRA webinars for session times and to register your place.

    Unable to attend?

    After the webinar, you can watch the recording, read the transcript and find answers to commonly asked questions for this and previous webinars on our past webinars page.

    For more information

    For more information on the end-to-end TFN validation process, read about TFN and super contributions.

    Fairer taxation of excess concessional contributions (FTECC) and Refund of non-concessional contributions (RENCC)

    Release authority - benefits released incorrectly

    We are noticing some funds are not adhering to the instructions provided on the ATO release authority letter.

    Not adhering to these instructions is causing reverse workflows for the ATO and funds.

    Where a fund has incorrectly releases a benefit directly to an individual when the payment must be made to the ATO, recovery action will be required by the fund to rectify the error. 4

    What you need to do

    Directions to release member benefits due to excess concessional contributions (FTECC) – payment needs to be made to the ATO within 7 days of the authority letter issue date and the release authority statement (Nat. 71885) returned to the ATO within the 7 days.

    Directions to release member benefits due to excess non-concessional contributions (RENCC) – payment is to be made directly to the member within 21 days of the authority letter issue date and the release authority statement (Nat. 71885.387112) returned to the ATO within the 21 days.

    For more information

    If you have any questions, please email SuperCRT@ato.gov.au

    Tax time digital services overview

    To better meet community expectations the ATO’s reinvention strategy has been improving the digital experience for our clients. We have worked across agencies to improve the functionality of myGov, introduced the new and improved myTax and developed the ATO app.

    But how are we traveling on this digital journey?

    So far since the start of tax time 2016 we have seen 935,420 people log in to our online services and view their superannuation accounts. Subsequently 85,769 people submitted transfer requests to consolidate and rollover their superannuation balances. Interestingly transferring super has been the second most popular transaction on our digital platforms behind people updating their contact details.

    While we acknowledge that our systems can still be improved and we are working on increasing functionality, we can see that the journey so far has improved the client experience and is making it easier for the community to interact with us.

    Portal outages and system maintenance

    For information regarding current and future planned outages please see: SIPOExternal Link and SBR System StatusExternal Link websites.

    This email contains hyperlinks. To protect your security we recommended you copy and paste the hyperlink into the address bar on your browser. For more information about ensuring your online security visit www.ato.gov.au/onlinesecurity

    Regards

    Client Relationship Team (CRT)

    Client Account Services

    Australian Taxation Office

      Last modified: 24 Nov 2016QC 50579