Superannuation community

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

Published: Monday 15th April, 2019

We have updated the lost member register protocol to incorporate recent changes to the law and to clarify some of the enquiries we are receiving from industry.

Feedback is sought in relation to these changes.

To provide feedback go to our Let's Talk Superannuation Community site which contains a document with the proposed tracked changes.

The consultation period closes on Monday 13th May, 2019.

How to provide feedback:

• Refer to the form to provide feedback via our Lost member register protocol: general review - feedback form.

Updated: Wednesday 16th January, 2019
Published: Thursday 10th January, 2019

Feedback is sought in relation to changes we would like to make the 'Member account reporting and validation protocol'.

Please provide comments or feedback via our online confidential form.

We have extended the consultation period for the member account reporting and validation protocol chapter by a further two weeks based on industry requests for a longer period of time to review the proposed changes. The new closing date for this consultation will be Friday 8 February, 2019.

Note: If you have accessibility needs and require this in a more accessible format please email SuperConsultation@ato.gov.au

Published: Wednesday 19 December, 2018.

From 30 November 2019, all rollovers to and from Self-managed superannuation funds (SMSFs) will need to be via SuperStream.

The build documents for SuperStream Rollover Version 3.0:

• draft Rollover Message Implementation Guide version 3.0
• draft SMSF Member Validation Service
• draft SMSF Verification Service (SVS) Business Implementation Guide (BIG)

Please provide any feedback via our online confidential form by 31 January 2019.

If you have accessibility needs and require these documents in a more accessible format please email SuperStreamStandards@ato.gov.au

Published: Tuesday 11 December, 2018

The Government has released for a second round of consultation, an issues paper with findings and draft proposals for reform of the rules governing the early release of superannuation benefits on compassionate and severe financial hardship grounds.

The consultation period closes on 15 February 2019. The issues paper and details on how to make a submission can be found at:

Review of the early release of superannuation benefits

Published: Wednesday 5th December, 2018

Feedback is sought in relation to changes we would like to make the 'Proceeds from primary residence disposal' section of the Contributions Protocol document.

Please provide comments or feedback via our online confidential form.