The Tax Office and APRA Wed 28.5.2014, sent a letter to registrable superannuation entity (RSE) licensees explaining trustees’ responsibilities on certain SuperStream related measures. Issues covered include the commencement dates; the 3-day processing requirement for contributions; the use of the Fund Validation Service; the mandatory use of SuperTICK to validate member details; and breach reporting.
From 1 July 2014, RSEs must have the capability to electronically receive member registration data and contributions, including payments. From 3 November 2014, most RSEs are expected to be ready to receive contributions in the new SuperStream compliant format set out in the Superannuation Data and Payment Standards 2012. Where an RSE does not expect to be ready to comply with the Standard by 3 November 2014 the RSE licensee must notify the Tax Office by 30 September 2014 of its proposed alternative start date which must be no later than 1 July 2015. Such notification to the Tax Office must be accompanied by the licensee’s implementation plan. While APRA encourages RSE licensees to comply with the SuperStream requirements as soon as possible, APRA said that it does not expect a failure to comply with these requirements to be reported as a breach prior to 1 July 2015
[LTN 102, 29/5/14]