SuperStream Data and Payment Standard Information for APRA-regulated funds Information current as at September 2014. For the latest information please refer to: http://www.ato.gov.au/SuperStream
How to participate today Make sure your computer volume is NOT on mute SuperStream information webinar for APRA-regulated funds 2
Overview � What is SuperStream? � What are the benefits? � SuperStream implementation timeline � What are your obligations? � Induction � Helping employers get ready � Services – Fund Validation Service and SuperTICK � Questions and Answers SuperStream information webinar for APRA-regulated funds 3
What is SuperStream? � SuperStream is a government reform aimed at improving the efficiency of the superannuation system � It introduces standard mandatory electronic processing of Superannuation data and payments � Affects employers and super funds, including self-managed superannuation funds (SMSFs) Once fully implemented, this should provide a simple and single channel for employers to make super contributions electronically to all funds SuperStream information webinar for APRA-regulated funds 4
What are the benefits? SuperStream will deliver long term benefits to employers, funds and members by: � Providing a consistent process for employers to make contributions and for funds to receive them � Allowing for increased automation and efficiencies � Reducing processing costs in the long term � Improving data quality � Reducing reverse workflow and exceptions handling SuperStream information webinar for APRA-regulated funds 5
SuperStream implementation timeline SuperStream SuperStream SuperStream Rollovers legislation passed begin for APRA funds Contributions begin Trials 1 Jul 2012 1 Jul 2013 1 Jul 2014 1 Jul 2015 1 July 2016 At December 2013 - Successful APRA fund rollovers using the SuperStream Standard From 1 July 2014 to 2 November 2014 - Funds, including SMSF, get ready to receive SuperStream contributions From 4 August 2014 - First contributions using SuperStream are sent as a part of live trials SuperStream information webinar for APRA-regulated funds 6
SuperStream implementation timeline SuperStream SuperStream SuperStream Rollovers legislation passed begin for APRA funds Contributions begin Large & Medium Trials Small Employers Employers 1 Jul 2012 1 Jul 2013 1 Jul 2014 1 Jul 2015 1 July 2016 From 3 November 2014 to 30 June 2015 - All APRA funds become ready to receive - Large and medium employers complete their SuperStream Implementation, including establishing transitional arrangements 30 June 2016 - Small employers to complete their SuperStream Implementation SuperStream information webinar for APRA-regulated funds 7
How does SuperStream affect you? � From 1 July until 2 November 2014, funds must be able to receive contributions data and payments in an electronic format that the trustee has advised the employer it can accept. � From 3 November 2014, funds must be ready to receive contributions transactions that comply with the standard, unless they have notified us of an alternative start date. � From 2 February 2015, trustees must have the capability to send member registration outcome and error response messages. SuperStream information webinar for APRA-regulated funds 8
Electronic payment methods � From 1 July 2014, funds must be able to accept electronic payments from employers. � Funds must offer and accept both BECS (direct entry) and BPAY (BPAY only at request of an employer) or a mutually agreed electronic alternative. � An employer must always provide a payment reference number with each payment to a fund – at USI level to facilitate automated reconciliation of payment and data. SuperStream information webinar for APRA-regulated funds 9
What if I am not ready to receive SuperStream contributions by 3 November 2014? � The trustee can nominate an alternative start date for the USIs that are not capable of receiving SuperStream contributions by 3 November 2014. � The trustee must notify us no later than 30 September 2014. � The alternative start date cannot be after 1 July 2015. Further details on the notification process, including an implementation plan template, are available on our website. SuperStream information webinar for APRA-regulated funds 10
Transition-in arrangements � Funds must be ready for SuperStream contributions from 3 November 2014. � While medium and large employers are obliged to start sending SuperStream contributions from 1 July 2014, we announced we will provide flexibility up until 30 June 2015 for employers to complete their implementation, provided they make a genuine attempt to get ready. � Small employers are obliged to start sending SuperStream contributions from 1 July 2015, with similar flexibility up until 30 June 2016 to complete their implementation. � During their respective transition-in periods, you can expect some employer sending contributions using existing methods (paper and cheques). SuperStream information webinar for APRA-regulated funds 11
Employer portals after 3 November 2014 � A fund can accept contributions data in an alternate electronic file format (e.g. direct data entry or file upload) and still comply with the standard if certain conditions are met. � The conditions as set out in the Superannuation data and payment standard 2012 include: � terms and definitions used must align with Schedule 2 of the standard � payment methods must conform with Schedule 3 of the standard � data elements and business rules must align with Schedule 4(a) of the standard � The fund and the employer must agree in writing to these alternate arrangements. SuperStream information webinar for APRA-regulated funds 12
Minimum information requirements – new member registration � The SISR require employers to provide certain minimum information from 1 July 2014. � Under regulation 7.07A, an employer must give the following information to the fund for a new default member (unless the employer has made reasonable efforts to get the information and has been unable to do so) � Employee’s full name � Employee’s residential address � Employee’s TFN � Employee’s date of birth � Employee’s sex SuperStream information webinar for APRA-regulated funds 13
Minimum information requirements – contribution � Under regulation 7.07E, an employer must give the following information to the fund for a contribution (unless the employer has made reasonable efforts to get the information and has been unable to do so) � Employee’s full name � Employee’s residential address � Employee’s TFN � Employee’s phone number � Payment reference number SuperStream information webinar for APRA-regulated funds 14
Incomplete information for contributions � The trustee must, within 5 business days of receiving the contribution details, ask the employer to provide the correct and complete information. � Trustees are encouraged to use a common-sense approach. If a shortcoming in contribution information has no impact on member allocations, trustees should not unnecessarily delay the allocation. � When the trustee sends a follow-up request, the employer has 10 business days to make all reasonable efforts to get this information to the trustee. Funds must allocate contributions to a member’s account within 3 business days after receipt of both the contribution payment (cleared funds) and mandatory contribution information (whichever is the latter) SuperStream information webinar for APRA-regulated funds 15
Induction � A select number of employer and funds are currently undertaking early trials (induction) of sending and receiving SuperStream contributions. � The early trials have been successful to date with employer and fund-side solutions being progressively cross certified. Updates on induction progress can be found on our website: https://www.ato.gov.au/Super/SuperStream/In- detail/Contributions/Induction/Induction-process/ SuperStream information webinar for APRA-regulated funds 16
What do I need to do to get ready? Prior to induction, funds must complete: � Complete 3 rd party certification � If your gateway or other service provider will be converting the XBRL into your preferred file format, your provider will obtain the third party certification on your behalf � Complete end to end testing � Complete end to end testing with at least 2 employers/ employer solutions Details on 3 rd party certification and end to end induction can be accessed from http://softwaredevelopers.ato.gov.au/contributions SuperStream information webinar for APRA-regulated funds 17
Accelerated induction phase � An accelerated induction process will take place from 3 November 2014. � Funds must nominate at least one USI per unique registry/ administration system to participate in induction. We will write to you in the first week of October detailing the process and requirements. SuperStream information webinar for APRA-regulated funds 18
Recommend
More recommend
