Information updated 24 May, 2019.
The Protecting Your Super Package of changes was announced in the 2018 Federal Budget. The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2019 received Royal Assent on 12 March 2019.
The law introduces a number of initiatives intended to protect individuals’ retirement savings from erosion. The purpose of this content is to provide guidance to trustees on the administration of the changes under the Protecting Your Super Package (PYS) and an opportunity for trustees to provide feedback on the implementation material.
The ATO has been working with the Super Measures Group to resolve issues and gain an understanding of industry readiness. We have been working closely with stakeholders and have provided answers to the issues raised to assist the industry to be ready for the 30 June 2019 commencement date.
To ensure industry is ready to implement these changes we have developed the following advice and implementation documents developed with the Super Measure Group:
- Interim reporting solution – until changes can be introduced in a new version of the rollover message, the interim reporting solution will be for funds to use the existing code P ‘lost insoluble’ in the current USM message/statement.
ILB Interim reporting - Lost members not reported on MAAS template. This is the template that funds need to complete and email via the data transfer facility (DTF) where the fund identifies a member as lost and pays the account as lost insoluble without ever reporting the member as lost via MAAS.
Protecting Your Super (PYS) Questions and Answers - we have maintained an issues log with the Super Measure Group to record the questions and issues raised and our response or resolution. Those issues and other questions raised and answered since form the Q&A document.
- Member Authorisation Form Questions and Answers – Members are able to provide a written notice to the Commissioner declaring they are not a member of an inactive low-balance account. Members may authorise funds to provide the written notice to the ATO on their behalf. These Questions and Answers relate to key questions about the declarations process.
Final Member Authorisation Form (NAT 75198-05.2019) has been published. This will assist funds where members want to authorise them to provide the written notice to the ATO.
Channel A and Channel B Member Declaration Process Maps - Channel A outlines the process on how the ATO will advise funds which members have made a declaration. Channel B outlines the process on how the fund will advise the ATO of members who have made a declaration.
Channel A ILB member declaration template - this is the draft template which funds will receive from the ATO via the portal.
Channel B ILB member declaration template - this is the draft template which funds will use to advise the ATO via the portal.
How to provide feedback:
Feedback can be submitted using the online feedback form.
If you have accessibility needs and require these documents in a more accessible format, please email PYSProject@ato.gov.au