Issue 744, 26 March 2020
In this issue:
- COVID-19: ATO information about superannuation and tax changes
- COVID-19: work on new APRA data collection tool suspended
COVID-19: work on new APRA data collection tool suspended
As reported in ASFA Action issue 742, APRA has suspended the majority of its planned policy initiatives until at least 30 September as part of its response to the COVID-19 pandemic.
APRA has now provided a further update specifically confirming that it has temporarily suspended its program to replace the current data collection tool Direct to APRA (D2A) with a new solution, APRA Connect.
APRA has indicated that this temporary suspension will provide some relief to entities and ensure flexibility for resourcing of work to ensure the financial resilience of entities and the provision of ongoing customer service.
APRA expects this temporary suspension to last at least six months and delay all APRA Connect go live dates by at least this timeframe. As the external environment stabilises, APRA will advise entities when the project will restart.
In the meantime, APRA-regulated entities will continue to use D2A and other current reporting channels.
APRA has reminded regulated entities that the D2A update for myGovID (refer ASFA Action issue 736) still needs to be completed by 27 March 2020.
COVID-19: ATO information about superannuation and tax changes
The ATO has created a landing page on its website for information about superannuation and tax changes following the passage of the Government’s COVID-19 economic support package.
The page currently notes that the ATO is implementing processes to ensure consumers have access to the support measures as soon as possible.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
