Login to the ASFA Toolbox

Policy & Research

Super Reforms Timeline

Download Timeline

Super Reforms Timeline (pdf)

Related ASFA links

Super Reforms Timeline

Policy Sub-Committees

ASFA Toolbox:
Super Reforms Update
Trustee considerations
Key Messages

Important considerations for trustees in 2012

Cooper Review
Detailed information on the Review and ASFA's submission.

Related External links:

Stronger Super website
Government's response to the Super System Review.

ATO website Q&A
Assists super funds and their administrators prepare for implementation of various super reforms.

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 second 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.

Access the legislation here. See Schedule 3.
27 Jun 2011 SMSF Legislation passed that applies 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.

Access the new law here.
21 Sep 2011 Stronger Super The Government announces its decisions on key design aspects of the Stronger Super reforms.

Access the announcement and information pack here.
28 Sep 2011 Governance (APRA standards) APRA releases Discussion Paper introducing its proposals for prudential standards for the superannuation industry.

A copy of the APRA discussion paper is available on the APRA website.
30 Sep 2011 Stronger Super CGT relief ends for super funds merging; Government to grant relief on a case by case basis going forward.
13 Oct 2011 FoFA The first tranche of FoFA legislation tabled in Parliament.
The Bill and Explanatory Memorandum can be accessed here.

This Bill was subsequently referred to the following Parliamentary Committees:
- Senate Economics & Legislation Committee.
- Parliamentary Joint Committee on Corporations & Financial Services.
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 first tranche of MySuper legislation tabled in Parliament.

The Bill and Explanatory Memorandum can be accessed here.

This Bill was subsequently referred to the following Parliamentary Committees:
- Senate Economics & Legislation Committee
- Parliamentary Joint Committee on Corporations & Financial Services.
24 Nov 2011 FoFA The second tranche of FoFA legislation tabled in Parliament.

The Bill and Explanatory Memorandum as tabled can be accessed here.

This Bill was also referred to the same Parliamentary Committees as the previous tranche.
25 Nov 2011 SuperStream Draft data standards on rollovers issued for consultation.

Access data standards here.
8 Dec 2011 SMSF The ATO issues Q&A for SMSFs investing in collectibles and personal use assets.
12 Dec 2011 MySuper The second tranche of MySuper legislation released as an Exposure Draft.

Access the draft Bill & Explanatory Memorandum here.
13 Dec 2011 FoFA ASIC releases plan for FoFA regulation.
15 Dec 2011 SuperStream Draft data standards on contributions issued for consultation.

Access the draft standards here.
22 Dec 2011 FoFA ASFA's submissions to the Parliamentary Joint Committee (PJC) on Corporations & Financial Services on both tranches of FoFA legislation.
22 Dec 2011 Governance
(APRA standards)		 ASFA's submission in response to APRA's Discussion Paper.
2012
1 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 TFNs 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.)
13 Jan 2012 MySuper See ASFA's submission on the second tranche of MySuper here.
20 Jan 2012 MySuper Submissions due to the PJC re first tranche of MySuper legislation.

See ASFA submission here.
24 Jan 2012 FoFA Public hearings for PJC.
PJC transcript is available here.
27 Jan 2012 FoFA Submissions due to the Senate Economics & Legislation Committee on both tranches of FoFA legislation.

See ASFA submission here.
9 Feb 2012 SuperStream Government releases draft payment and contribution standards.

The Exposure Draft is available here

ASFA’s submission is available here.
16 Feb 2012 MySuper The second tranche of MySuper legislation tabled in Parliament.

Access the Bill and Explanatory Memorandum as tabled here .
24 Feb 2012 FoFA Public hearings to Senate Economics & Legislation Committee.
Committee transcript is available here.
29 Feb 2012 FoFA PJC reports to Parliament.
29 Feb 2012 MySuper The Productivity Commission publishes issues paper, on Default Superannuation Funds in Modern Awards.
29 Feb 2012 MySuper The second tranche of MySuper legislation referred to the PJC.
2 Mar 2012 MySuper Public hearings to PJC.
Committee transcript is available here.
2 Mar 2012 SMSF ASFA submission regarding draft ATO Valuation Guidelines.
14 Mar 2012 FoFA Senate Economics & Legislation Committee reports to Parliament.
15 Mar 2012 FoFA Minister announces soft regulatory approach to implementation of FoFA.
21 Mar 2012 MySuper PJC reports to Parliament.
22 Mar 2012 FoFA Both tranches of FoFA passed by the House of Representatives with amendments.
Tranche 1 as passed is available here.
Tranche 2 as passed is available here.
30 Mar 2012 SuperStream Exposure draft for intra- fund consolidation of accounts.
See exposure draft here.
See ASFA submission here.
11 Apr 2012 FoFA Amendments to implement soft regulatory approach to FoFA announced on 15 March.
Amendments available on FoFA website.
24 Apr 2012 Stronger Super CGT relief for super fund mergers is announced.
27 Apr 2012 Governance (APRA standards) APRA releases draft prudential standards with a three-month consultation period. APRA also releases a response paper that details the main issues raised in submissions to an earlier Discussion Paper. See APRA website.
27 Apr 2012 MySuper Tranche 3 exposure draft released. Submissions are due 16 May 2012.
Copies of the Bill and Explanatory Memorandum are available here.
Apr-May 2012 SuperStream ASFA conducts SuperStream seminars in Victoria, NSW, QLD and WA with the support of the ATO.
3 May 2012 MySuper APRA releases draft prudential standard on MySuper transition and draft MySuper authorisation application.

Access the draft prudential standard and authorisation form here.
8 May 2012 SuperStream 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.
8 May 2012 SMSF In the 2012 Federal Budget the Government announces a levy that will be paid by SMSFs to fund the costs to Government, in particular ASIC, in implementing the SMSF auditor registration reforms.

See: Budget Paper No.2 Part 2 Expense Measures Treasury in particular Stronger Super – self managed superannuation funds auditor registration.
Jun 2012 ASIC consultation papers – FoFA ASIC will release a series of consultation papers to support the implementation of FoFA. The topics to be included are:
  • The best interest duty
  • Scaled advice
  • Conflicted remuneration
  • ASIC powers
  • FoFA anti-avoidance provisions
Jun/Jul 2012 Stronger Super APRA's enhanced data collection consultation paper 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.)
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

SMSF 		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 Amendments to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to capture rollovers to an SMSF as a designated service.
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 of 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 the 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.