| Date |
Reform stream |
Development |
| 26 Apr 2010 |
FoFA |
Government publishes FoFA information pack and announces the FoFA reforms. |
| 2011 |
| 28 Apr 2011 |
FoFA |
Government publishes 2nd FoFA information pack containing further detail on the operation of the FoFA reforms. |
| Jul 2011 |
SuperStream |
Funds can use TFNs as primary locator to find accounts within a fund.
|
| Jul 2011 |
SMSF |
New legislative standards to apply to all new investments in collectables and personal use assets. All existing investments of this kind need to comply with new standards by 1 July 2016. |
|
21 Sep 2011
|
MySuper |
The Government announces its decisions on key design aspects of the Stronger Super reforms. |
|
28 Sep 2011
|
Governance (APRA Standards) |
APRA releases discussion paper introducing its proposals for prudential standards for the superannuation industry. |
|
30 Sep 2011
|
Stronger Super |
CGT relief ends for super funds merging; Government to grant on a case by case basis going forward. |
|
13 Oct 2011
|
FoFA |
The 1st Tranche of FoFA legislation tabled in Parliament. |
|
Oct – Nov 2011
|
Governance (APRA Standards) |
APRA & ASFA conduct a national roadshow on the proposed APRA standards and the transitioning to MySuper. |
|
3 Nov 2011
|
MySuper |
The 1st Tranche of MySuper legislation was tabled in Parliament. |
|
24 Nov 2011
|
FoFA |
The 2nd Tranche of FoFA legislation as tabled in Parliament.
|
|
25 Nov 2011
|
SuperStream |
Draft data standards on rollovers issued for consultation. |
|
12 Dec 2011
|
MySuper |
The 2nd Tranche of MySuper legislation released as Exposure Draft. |
|
13 Dec 2011
|
FoFA |
ASIC released its plans for FoFA regulation. |
|
15 Dec 2011
|
SuperStream |
Draft data standards on contributions issued for consultation. |
|
22 Dec 2011
|
FoFA |
Submissions due to Parliamentary Joint Committee (PJC) on Corporations & Financial Services on both Tranches of FoFA legislation. |
| 2012 |
|
13 Jan 2012
|
MySuper |
Due date for submissions to Treasury re 2nd Tranche of MySuper legislation |
|
20 Jan 2012
|
MySuper |
Submissions due to the PJC 1st Tranche of MySuper legislation. |
|
24 Jan 2012
|
FoFA |
Public hearings to PJC. |
|
27 Jan 2012
|
FoFA |
Submissions due to the Senate Economics & Legislation Committee on both Tranches of FoFA legislation. |
|
Jan 2012
|
SuperStream |
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. |
|
29 Feb 2012
|
FoFA |
PJC to report to Parliament. |
|
14 Mar 2012
|
FoFA |
Senate Economics & Legislation Committee to report to Parliament. |
|
21 Mar 2012
|
MySuper |
PJC to report to Parliament re the 1st Tranche of MySuper legislation. |
|
Apr 2012
|
Governance (APRA Standards) |
Draft standards expected to be released. |
|
Jul 2012
|
SMSF |
Most of the SMSF measures will commence on 1 July 2012 including the Approved Auditor Registration process. The only measures not commencing on this date are the new standards for investments in collectable and personal use assets (1 July 2011), amendments to AML/CTF (1 July 2013) and final changes to the SMSF registration process (1 July 2014). |
|
Jul 2012
|
SuperStream |
Final Rollover and Contribution Standards published (‘made’ a standard by ATO legislative instrument)
|
|
Jul 2012
|
SuperStream |
Where a member has multiple accounts within a fund, funds would be required to identify and consolidate these accounts, where possible.
|
|
Jul 2012
|
SuperStream |
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.
|
|
1 Jul 2012
|
FoFA |
Commencement date for the majority of the FoFA reforms. including the prospective ban on conflicted remuneration structures, adviser charging regime and statutory best interests duty. |
|
Oct 2012
|
SuperStream |
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.) |
|
Dec 2012
|
Governance (APRA Standards) |
Consultation on the draft APRA standards will conclude. |
| 2013 |
|
1 Jan 2013
|
MySuper |
Applications for MySuper can be lodged from 1 January 2013 unless proclaimed earlier. |
|
30 Jun 2013
|
MySuper |
Applications for tailored MySuper products must be lodged by 30 June 2013 if applicants wish to rely on transitional arrangements that provide relief from 1 October 2013 requirements. |
|
Jul 2013
|
SuperStream
|
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.
|
|
1 Jul 2013
|
Governance (APRA Standards)
|
APRA Standards to commence from 1 July 2013.
|
|
1 Jul 2013
|
MySuper
|
Superannuation funds will be able to offer MySuper products from this date.
|
|
1 Jul 2013
|
FoFA
|
Commencement date for the prospective ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation.
|
|
Jul 2013
|
SMSF
|
SMSFs and APRA regulated funds must use new standard for processing rollovers and accepting contributions.
|
|
Oct 2013
|
SuperStream
|
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).
|
|
1 Oct 2013
|
MySuper
|
Employers must make contributions for employees who have not made a choice of fund to a fund that offers a MySuper product.
|
|
2014
|
|
Jan 2014
|
SuperStream
|
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.
|
|
Jul 2014
|
SuperStream
|
Data standards and use of e-commerce becomes mandatory for large and medium employers making contributions and enrolling new members in default funds.
|
|
Jul 2014
|
SMSF
|
Final changes to the SMSF registration process linking the registration process with proof if identity checks, bank account details and a portal to ATO data for verification of details by APRA funds requested to make rollovers to an SMSF.
|
|
Jul – Dec 2014
|
SuperStream
|
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.
|
|
2015
|
|
Jul 2015
|
SuperStream
|
Proposed application of data standards and use of e-commerce to small employers.
|
|
2016
|
|
Jul 2016
|
SMSF
|
End of transitional period for when investments in collectables and personal use assets held at 30 June 2011 need to comply with new legislative standards introduced in 2011.
|
|
2017
|
|
1 Jul 2017
|
MySuper
|
Trustees of superannuation funds offering MySuper products will need to transfer the existing balances of default members to a MySuper product.
|