The ATO released the Superannuation Data and Payment Standards (Release Authorities, and SMSF Rollovers) Amendment 2021 (“instrument”) on 29 March 2021.
It amends the Superannuation Data and Payment Standards 2012 (the “Data and Payment Standard”). That Standard is a legislative instrument that specifies the minimum requirements for dealing with the electronic payment, reporting and validation of certain transactions within the superannuation system, including employer contributions, rollovers and transfers between superannuation entities.
Prior to its release, rollovers and transfers of superannuation to and from SMSFs, and release authority requests issued by the ATO under Div 131 of Sch 1 to the TAA 1953, were excluded from the Data and Payment Standard.
The Government previously announced that the Data and Payment Standard would be extended to include rollovers and transfers of superannuation monies to and from SMSFs. The change requires APRA-regulated superannuation entities and SMSFs to send and receive rollover information and payments using the SuperStream framework (ie electronically). It applies to rollovers and transfers, to and from SMSFs, requested on and after 31 March 2021.
The instrument was released in draft form as SPR 2020/D3. The only change of note is that it is specified that the instrument does not apply trustees of SMSFs and APRA-regulated superannuation entities who have received a release authority issued on or after 31 March 2021 under Div 131 of Sch 1 to the TAA 1953 outside of the Data and Payment Standard, eg where the Commissioner has sent a paper release authority by mail.
Date of effect
The instrument will apply from 31 March 2021.
This article was first published in Thomson Reuters’ Weekly Tax Bulletin.