| Date |
Development |
Update |
| 2011 |
|
July 2011 |
Funds can use TFNs as primary locator to find accounts within a fund.
|
The amendments relating to intra fund account location apply from 1 July 2011.
Access to legislation Tax Laws Amendment (2011 Measures No. 2) Act 2011– see Schedule 3. |
| 25 Nov 2011 |
Draft data standards on rollovers issued for consultation. |
On 25 November 2011 the ATO issued draft data standards for rollovers seeking comments by 16 December 2011.
Access draft standards. |
|
15 Dec 2011 |
Draft data standards on contributions issued for consultation. |
ATO issues draft data standards for contributions seeking comments by 31 January 2012.
Access draft standards
|
| 2012 |
|
1 Jan 2012 |
Funds can use TFNs to search the ATO’s superannuation registers (currently only lost accounts, unclaimed SG and SHAR payments and unclaimed monies).
Funds can use TFN to seek account information from another fund or RSA.
NB: ATO and other fund searches both require member consent to the use of the TFN.
|
Regulations allowing the broader use of TFNs were registered on 9 December 2011 and commence on 1 January 2012.
See:
Superannuation Industry (Supervision) Amendment Regulations 2011 (No 4)
Retirement Savings Accounts Amendment Regulations 2011 (No 4)
Tax Laws Amendment (2011 Measures No 9) Act 2012
Access ASFA’s submission.
|
|
Jan/Feb 2012 |
Pre-final draft Data Standards published for contributions and rollovers |
The standards cannot be made ‘final’ until enabling legislation is passed and the ATO declares the Standards by legislative instrument. |
| 9 Feb 2012 |
Government releases draft payment and contribution standards. |
The exposure draft is available here.
ASFA’s submission is available here.
|
| 30 Mar 2012 |
Government releases draft intra fund consolidation of accounts law. |
The exposure draft is available here.
ASFA’s submission is available here.
A new draft was re-issued in August 2012. See below.
|
| Apr-May 2012 |
ASFA conducts SuperStream seminars in Victoria, NSW, QLD and WA with the support of the ATO. |
|
| 8 May 2012 |
In the 2012 Federal Budget the Government announces a SuperStream levy that will be paid by APRA regulated funds to fund the costs to Government of implementing the SuperStream reforms. |
The Minister’s press release is available here. |
| 24 May 2012 |
Bills enabling the collection of the SuperStream levies, announced in the Federal Budget, tabled in Parliament. Both Bills referred to the Parliamentary Joint Committee on Corporations and Financial Services.
|
See the Superannuation Supervisory Levy Imposition Amendment Bill 2012 here.
See the Superannuation Legislation Amendment (Stronger Super) Bill 2012 here.
ASFA’s submissions to the PJC is available here.
|
| 1 Jun 2012 |
Treasury releases a consultation paper on Proposed Financial Industry Levies for 2012 13 seeking industry views on the proposed financial industry levies to apply for the 2012-13 financial year.
|
See the Treasury website here.
Comments closed 15 June 2012.
See ASFA's submission of 19 June 2012 here.
|
|
4 Jun 2012 |
The Minister calls for nominations to the SuperStream Advisory Council. |
See the Minister’s press release here. |
|
28 Jun 2012 |
SuperStream |
Legislation enabling the SuperStream levy receives Royal Assent.
Superannuation Supervisory Levy Imposition Amendment Bill 2012 is available here.
Superannuation Legislation Amendment (Stronger Super) Bill 2012 is available here.
Also, Superannuation Supervisory Levy Imposition Determination 2012 was registered and is available here.
|
|
July 2012 |
New ATO online facility available for members to view their active accounts (those reported on the MCS), their lost accounts and other superannuation monies held by the ATO. Funds must have member consent to search the account information, using the member’s TFN. |
|
|
July 2012 |
APRA regulated funds must have the capability of accepting contributions in the new format.
APRA regulated funds and SMSFs must use new standard for processing rollovers and accepting employer contributions made in the new format. |
|
|
Aug 2012
|
The Government releases:
Exposure Draft – Superannuation Fund Notification: Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No. 2) 2012: Reporting to members
|
See Treasury website here.
See ASFA submission on 17 August here.
|
|
The Government releases:
Exposure Draft – Intra fund consolidation of superannuation interests: Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No. 2) 2012: Intra-fund consolidation of superannuation interests
|
See Treasury website here.
See ASFA submission on 24 August here.
|
|
The Government releases:
Exposure Draft - Superannuation Data and Payment Standards: Enabling Services: Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No. 2) 2012: Data standards tranche 2
|
See Treasury website here.
Comments closed 29 August 2012.
See ASFA submission on 29 August here.
|
|
Mid Sep 2012 |
Release for consultation – drafts of the data standards legislative instrument, the components of the data standards (8 schedules to the legislative instrument) and the regulations. |
|
|
19 Sep 2012 |
Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 tabled in Parliament. |
The Bill amongst other things –
- Expands the existing reporting obligation for superannuation providers
- Amends the SIS Act, and the Retirement Savings Accounts Act 1997, to improve the quality of information in the superannuation system and to facilitate fully effective e-commerce
Access the Bill and EM here.
|
|
Oct 2012 |
ATO proposes requiring all funds to report on their 2011/12 MCS details of all accounts held by persons aged 48 and older (the data is required to administer the new contribution rules for those over age 50). |
|
|
2 Oct 2012 |
Treasury releases for consultation draft regulations for the provision of information to the Fund Details Register, Rollovers and Contributions.
The proposed regulations will amend the Superannuation Industry (Supervision) Regulations 1994.
Under the scheme, superannuation funds and employers will be required to send contributions and rollovers electronically.
|
Access the draft regulations here. |
|
Nov 2012 |
Data standards. Expected date that regulations will be made and ATO Legislative Instrument gazetted establishing final data standards details and requirements. |
|
|
28 Nov 2012 |
Royal Assent for Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012. The bill contains legislation enabling data standards. |
Access the bill here. |
| 2013 |
|
1 Jan 2013 |
Intra-fund consolidation of accounts. Where a member has multiple accounts within a fund, funds would be required to identify and consolidate these accounts, where possible.
Proposed that:
- By 1 January 2013 trustees must have appropriate processes and protocols established.
- By 30 June 2014 all multiple accounts to be identified, a decisions made as to whether or not to consolidate and any consolidation process to be completed.
|
See: Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013 tabled in Parliament on 20 March 2013 and referred to the House Standing Committee on Economics on 21 March 2013.
|
| 15 Mar 2013 |
ATO and APRA jointly write to RSEs re new obligations relating to the implementation of the new Data and Payment Standards. |
| 20 Mar 2013 |
Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013 is tabled in Parliament and referred to the House Standing Committee on Economics on 21 March 2013. The Bill requires trustees to implement intra-fund consolidation of accounts.
Of note the Bill proposes to extend by 12 months, to 30 June 2014, the date by which all multiple accounts are to be identified, decisions made as to whether or not to consolidate and any consolidation process is completed.
|
See ASFA’s submission to the Parliamentary Committee here.
|
| 22 Apr 2013 |
APRA writes to trustees on responsibilities from certain SuperStream related measures. |
| 23 Apr |
APRA releases consultation package on draft Superannuation Reporting Form 711.0 SuperStream Benchmarking Measures. |
Consultation closes 6 May 2013.
|
|
Jul 2013 |
APRA regulated funds must have the capability of accepting rollovers in the new format. From their transition-in completion date, APRA regulated funds must use the new standard for sending rollovers. |
|
Oct 2013 |
MCS reporting for 2012/13 and later years will include all accounts held by the fund (i.e. inactive accounts, lost accounts, active accounts and pension accounts). |
| 6 Oct 2013 |
From Monday 6 October, funds must receive Initiate-Rollover requests in conformance with the Data Standard.
From the later of Monday 6 October and their transition-in end date, funds must send Initiate-Rollover requests in conformance with the Data Standards.
|
| 2014 |
|
Jan 2014 |
Commencement of auto‑consolidation of accounts on the LMR and accounts that have not received a contribution or rollover in the previous two years and where the account balance is less than $1,000. |
In April 2013 the Government announced that this measure would not proceed as announced but rather a review would be undertaken in December 2014 as to whether the measure was still needed. See Minister’s media release here. |
|
Jul 2014 |
Data standards and use of e-commerce becomes mandatory for large and medium employers (20 or more employees) making contributions and enrolling new members in default funds. |
From this date all APRA-regulated funds must be able to receive contributions in the new format and SMSFs must be able to receive contributions in the new format where the employer is non-associated. |
|
July–Dec 2014 |
The TFN Declaration process for new employees will be modified (perhaps made an on-line process) so that employees can actively consider account consolidation at this time. If the new employee does not exercise choice the default option would be to create a new account. Any lost and inactive accounts with a balance of less than $1,000 will be transferred into the new account through the auto‑consolidation process previously mentioned. Also in this period, threshold for auto-consolidation of lost and inactive accounts would be increased to at least $10,000. Effectively ATO online will become a central portal to provide information on members’ superannuation accounts and help them consider and facilitate account consolidation. |
|
| 2015 |
|
July 2015 |
Data standards and use of e-commerce becomes mandatory for small employers (fewer than 20 employees) making contributions and enrolling new members in default funds. |
|