Show download pdf controls
  • Interim reporting solution – Trustee voluntary payment of other amounts

    SuperStream Rollover version 2 does not include a separate reason code for this new category of accounts. A new reason code 'V – Trustee voluntary payment' will be implemented in March 2021 with Rollover version 3.

    Until funds have transitioned to Rollover version 3 we require an interim reporting solution so the ATO can identify amounts that are reported and paid as Trustee Voluntary Payments (TVP).

    Following consultation with the Superannuation Administration Group, the following arrangements will be put in place as an interim reporting approach for TVP:

    • Funds can lodge TVPs during a two-week window – the first running from 17 to 28 May 2021.
    • Funds will use USM reason code ‘Q - Small Lost Member Account’ in Rollover version 2 to report TVPs until such time as they have onboarded to Rollover version 3.
    • Funds must notify us at least one week before their anticipated reporting date and volumes by emailing with the subject heading of ‘TVP Lodgment – Estimates’
    • Once reporting and payment have occurred, funds must provide us with the conversation ID of each TVP SuperStream message. We will then do the appropriate data conversion in our systems. Funds can notify us of conversation IDs by emailing with the subject heading of ‘TVP Lodgment – Conversation IDs’.
    • Existing USM effective dates can be used.
    • Funds must not transfer TVPs in any other period and no other transfers using code ‘Q’ should be performed during the TVP window. This is necessary to ensure we correctly identify TVPs and correct the classification of these amounts in our systems for the integrity of the USM register.
    • If a fund is unable to meet these arrangements due to exceptional circumstances, contact us as soon as possible to discuss further.
    • It is important to note that if a fund has onboarded to Rollovers version 3 prior to the TVP window they are not restricted to using the interim solution. Funds can make ad-hoc TVPs on any day using the new USM reason code ‘V’ as part of the enduring solution.
      Last modified: 07 May 2021QC 65599