The Superannuation Industry (Supervision) Amendment Regulation 2012 (No 5) was registered on Tue 11.12.2012, to prescribe details to support the superannuation data and payment standards as part of the SuperStream reforms.
The amendments to the SIS Regulations will require the Commissioner to establish a 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. Trustees will be required to give this information to the Commissioner by 1 April 2013 to be operative by 1 July 2013.
The regulations will also enable a fund member to request to transfer or rollover a whole or part of their superannuation from 1 July 2013. 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 new form in Sch 2A of the SIS Regs (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 Sch 2B form, which requires proof of identity information.
In addition, the regulations will require employers to provide certain employee information when making a contribution for an employee to a regulated super fund (other than an SMSF or a fund chosen by the employee). Trustees of funds (other than SMSFs) will be able to validate the employee information through a service provided by the Commissioner.
Performance standards and time limits will apply for the processing of rollovers and contributions.
DATE OF EFFECT: the rules for the register are effective from 29 November 2012, while
- the provisions covering rollover requests will commence on 1 July 2013.
- The regulations will apply to large and medium employers from 1 July 2014 (or 1 July 2015 for small employers). Funds will have a 6-month transition period from 1 January 2014 to enable them to enter into voluntary arrangements with employers to receive contributions electronically and test their readiness prior to the mandatory requirements from 1 July 2014.
[LTN 241, 12/12]