In its SuperUpdate March 2013, the Tax Office has reminded APRA regulated superannuation funds that they must start complying with the new SuperStream data and e-commerce Standard for rollovers from 1 July 2013. To help funds get ready for processing rollovers in the Standard, there is a transition-in period from 1 July to 31 December 2013. The Tax Office says each APRA-regulated fund has been allocated a date from 6 September to 31 December 2013, by which they must be able to initiate fully complying rollovers in accordance with the Superannuation Data and Payment Standards 2012. If a fund needs to request a different transition-in completion date from that shown in the timetable (earlier or later), the Tax Office says it should approach its APRA responsible supervisor. The Tax Office has also released a Rollover implementation transition-in guide.
Meanwhile, to help funds process rollovers in the standard, a “Fund validation service” will be available from 1 July 2013. To ensure the service is effective, all registrable superannuation entity (RSE) licences have a legal obligation to provide their fund’s details to the Tax Office by 2 April 2013. Funds should provide their details by downloading and completing the fund details register input template and then submitting it via the ATO’s Business Portal. Full details of the Fund validation service requirements are available in the Fund validation service user guide.
[LTN 58, 26/3/13]