superstream data and payment standard · 2018-05-22 · superstream information webinar for...
TRANSCRIPT
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SuperStream Data and Payment StandardInformation for APRA -regulated funds
Information current as at September 2014. For the latest information please refer to: http://www.ato.gov.au/SuperStream
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How to participate today Make sure your computer volume is NOT on mute
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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
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� 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)
What is SuperStream?
Once fully implemented, this should provide a simple and single channel for employers to make super contributions electronically to all funds
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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
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SuperStream implementation timeline
1 Jul 2013 1 Jul 2014 1 Jul 2015 1 Jul 2012 1 July 2016
SuperStream Rollovers
begin for APRA funds
SuperStream
Contributions begin
Trials
SuperStream
legislation passed
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
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SuperStream implementation timeline
1 Jul 2013 1 Jul 2014 1 Jul 2015 1 Jul 2012 1 July 2016
SuperStream Rollovers
begin for APRA funds
SuperStream
Contributions begin
Small
Employers
Large & Medium
Employers Trials
SuperStream
legislation passed
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
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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.
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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.
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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.
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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).
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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.
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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
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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
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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)
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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/
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What do I need to do to get ready?
Prior to induction, funds must complete:� Complete 3rd 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 3rd party certification and end to end induction can be accessed fromhttp://softwaredevelopers.ato.gov.au/contributions
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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.
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How will others know I am ready to receive SuperStream contributions?� Trustees must update the certification field in the Fund
Validation Service after a fund successfully completes induction and obtains cross-certification by its peers.
� The cross certification entry provides the key market signal to senders that the USI is now in receiving mode and is ready to receive SuperStream contribution messages at volume.
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Helping employers prepare for SuperStream
� Encourage you to proactively contact employers� You can expect some employers will contact you to find out
more about SuperStream. � We have put together a checklist for employers and a series
of FAQs to help them.� Trustees should make available their USI and payment
details directly to employers to help employers update their payroll system and ensure accurate and timely payment of superannuation monies.
� You can do this on your website, member communication and call centre scripting.
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Fund Validation Service
� The Fund Validation Service lodged through the Business Portal you are currently downloading from the Bulk Data Exchange will be replaced with a web service in January 2015.
� The existing service will continue to operate for up to 12 weeks until the end of March 2015 while users complete their self-build or identify a third party providers solution.
� This means that from 1 April 2015, funds must use the web service to update their USI details and conduct searches based on ABN or USI.
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SuperTICK
� From 1 July 2014, you must use the SuperTICK service to validate initial registration information no later than 3 business days after receiving the information from an employer.
� You don’t have to validate this information if the employer has made a contribution to the fund for this member previously.
� APRA has indicated that it does not expect trustees to report breaches of this requirement until after 1 July 2015.
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Find out more
/atogovau
@ato_gov_au
www.ato.gov.au/SuperStream
ato.gov.au/SuperStreamChecklist
http://softwaredevelopers.ato.gov.au/contributions
https://www.ato.gov.au/Super/SuperStream/In-detail/Contributions/APRA-regulated-funds-FAQs/