The Government has released draft SIS Regulations proposing to support the superannuation data and payment standards as part of the SuperStream reforms. Under the proposed scheme, superannuation funds and employers will be required to send contributions and rollovers electronically.
The draft regulations will require the Commissioner to keep a central register of information about regulated super funds (other than SMSFs), including a unique superannuation identifier, bank details (eg BPay or direct credit details) and an Internet Protocol address. The information must be operative by 1 July 2013. When making any changes to the information on the register, the trustee will be required to make the changes no later than 10 business days before the new information becomes operative.
The proposed data and payment regulations will enable a fund member to request to transfer or rollover a whole or part of their superannuation. For a rollover not involving an SMSF, a member may initiate the rollover or transfer to the transferring fund or the receiving fund. The member can use the proposed Schedule 2A form (reflecting streamlined proof of identity processes). For a rollover to an SMSF, a member must initiate the rollover or transfer to the transferring fund. An SMSF member can use the proposed Schedule 2B form which requires proof of identity information.
Performance standards will be introduced for the processing of rollovers and contributions.
The draft regulations also set out the data and payments standards that will apply to large and medium employers from 1 July 2014 (or 1 July 2015 for small employers).
DATE OF EFFECT: the draft regulations will generally commence on 1 July 2013.
SUBMISSIONS are due by 16 October 2012.
[LTN 191, 3/10]