| Date |
Development |
Update |
|
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. |
Comments on the draft standards can be provided to SuperStreamStandards@ato.gov.au by 31 January 2012.
Access draft standards
|
|
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.
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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) and Retirement Savings Accounts Amendment Regulations 2011 (No 4)
Tax laws Amendment (2011 Measures No 9) Bill 2011 – enables certain super fund members to electronically request the consolidation of their superannuation accounts through the Australian Taxation Office (ATO). This Bill was referred to the House of Representatives Standing Committee on Economics on 24 November 2011. Submissions were due on 9 December 2011.
Access ASFA’s submission.
|
|
Early 2012 |
Advisory Council for SuperStream to be established. |
The Current advisory body, the Stronger Super SuperStream Working Group is scheduled to meet in February 2012. |
|
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. |
|
July 2012 |
Final Rollover and Contribution Standards published (‘made’ a standard by ATO legislative instrument) |
|
|
July 2012 |
Where a member has multiple accounts within a fund, funds would be required to identify and consolidate these accounts, where possible. |
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|
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. |
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|
July 2013 |
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. |
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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.) |
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|
Oct 2013 |
MCS reporting for 2012/13 and later years will include all accounts held by the fund (i.e. inactive accounts, lost accounts and active accounts). |
Reporting may also include pension accounts as this information will be required for the ATO to administer the new contributions rules for those aged over 50. |
|
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. |
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July 2014 |
Data standards and use of e-commerce becomes mandatory for large and medium employers making contributions and enrolling new members in default funds. |
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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. |
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A new process will be introduced to ensure new employees consider account consolidation at the time of beginning new employment. Employees will be able to access from ATO online a listing of all their superannuation accounts. The employee can use this information and elect to have contributions made to their existing account or open a new default account and also to initiate account consolidation to their active fund. The member’s active fund will facilitate the consolidation. Effectively ATO online will become a central portal to provide information on members’ superannuation accounts and help them consider and facilitate account consolidation. |
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July 2015 |
Proposed application of data standards and use of e-commerce to small employers. |
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