Superannuation Changes 18 month picture as at 24 May, 2017 (Version 2)

Transcription

1 18 month picture as at 24 May, 2017 (Version 2) This document provides the roadmap of change impacting the Superannuation Industry until the end of This is a live document which will be published periodically. Roadmap Compliance Dates Deliverables against Plan Change Control Industry feedback for consideration Risks to overall program

2 18 Month Change Picture s at 24 th May 2017 T-BR Build and test T-BR Design draft TBR specs (3rd) Commence recording TBR related transactions T-Bar technical documentation released (wc12 th ) TBR reporting commences via BDE (all transactions from 1 July 2017) TBR no longer required for enabled funds MTS (see below) Super Reforms Transfer balance cap $1.6m Streamlining super Contribution cap changes Div 293 Income streams Other New withholding obligations (DB income streams) unds action commutation authorities Test corres with industry Capital gains relief election capability available for fund reporting Commence issuing automated determinations to members Issue proactive communications to individuals New and updated determinations, assessments, election process and release authorities and payments TO capability to advise individuals of bring forward position and TSB TO online enhancements and transfer balance cap information TO online bring forward position and TSB Test corres with industry CGT relief schedule updated Build new determination and commutation authority automation Issue proactive messages to individuals Update of existing TO systems, processes and procedures incorporating new and existing letters and forms, for internal and external use und to capture additional information for future reporting End benefit cap calculation process (new approved form) und ITR instructional changes ( year) No longer pay anti detriment payment for members that die on or after 1 July 2017 Loss of ECPI for assets supporting a TRIS LISTO commences TO online new measure impacts Update of existing TO systems, processes and procedures incorporating new and existing letters and forms, for internal and external use Updated corro to individual Working Holiday maker applications processed with new rate Personal super contribution deductions to be non-deductable approved form Changes to payment summary annual reporting Life insurance companies reporting account balances Changes to R & Statement reporting process Commence issuing determinations and assessments Changes to fund income tax reporting (anti detriment, TRIS) BDE bulk data exchange DB defined benefit ECPI exempt current pension income LISTO low income super tax offset TBR transfer balance account report TBC transfer balance cap TRIS transition to retirement income stream TSB total super balance 2

3 18 Month Change Picture s at 24 th May 2017 Enabling services SBR2 performance enhancements VS Update Validation of Cert in header Testing vailable SBR2 performance enhancements EP 2.0 deployment (30/4) SBR2 performance enhancements SuperStream SuperTICK MS Contributions USM/20C MTS (Concept to be confirmed) Mandatory open/closed account reporting (SuperTICK V3 31 March) Decommission of SuperTICK V1 and V2 (earliest date) MS draft specifications released (5 th ) MS Technical documentation (20 th ) Contributions V2 testing from March BDV production cutover commences 30 May Commence receiving contributions in SuperStream message from TO Response messaging required (31 ugust) MTS Solution Overview (30th) Draft Business Case 30/5 inalised Business Case to Industry 14/6 Build and test for 20C and USM (B2G) 8/12 MTS detailed design Build and test MTS Build and Test MS Placeholder Lost member reporting (MS/LMS) MS deployment orchestrated, funds provide initial attributes (baseline) und cut over period to be determined Lost member reporting (MS) unds receive 20C notices in SuperStream message (IRR) (Error to TO for non-members/pending claims.) unds send USM to TO via SuperStream message (RTR) (Receive outcome response via SuperStream) System Deployment unds reporting (MTS) MCS lodged (BDE) SMS (Under review) Go / No Go decision 30/6 SMS Verification (Under Review) EP electronic portability form IRR initiate rollover request LMS lost member statement MS member account attribute service MTS member account transaction service RTR rollover transaction request USM unclaimed super monies 3

4 18 Month Change Picture s at 24 th May 2017 Single Touch Payroll MTS* Employers can begin to report pay event information using STP enabled solution (optional) Employee commencement functionality will be available (complete TN Declaration Standard Choice forms via TO Online Decision point, transaction al reporting support for STP in MTS Placeholder super contributions reporting STP Employers with 20 or more employees are required to report through STP STP contributions reporting required using MTS) *This is not an STP deliverable. Connection is subject to finalisation of SuperStream design for MTS. See page 2 4

5 Key Compliance Dates 18 month picture as at 24 May, 2017 (Version 2) 31 March 2017 STICK3 Open and Close ccounts 1 July 2017 Record Transfer Balance Cap and member balances (TSB) unds apply new withholding rules to Defined Benefit accounts (TSB) unds capture additional information for 2018 reporting (Caps) und capture Income Tax Return changes (anti detriment and TRIS) Process Working Holiday makers withholding rate change unds advise if electing to be non-deductable (PSCD) unds to request deferred debt account balance and cease calculation of End Benefit where balance is zero (Div 293) unds commence receiving contributions from TO in Contributions Standard 31 ugust 2017 unds receive and manage Contributions V2 (PRN and amendments) unds provide Response messaging 14 December 2017 Report Transfer Balance cap and member balances from 1 July 2017 (TSB) ebruary 2018 unds receive 20Cnotices in Rollover Standard unds action new commutation authority (TSB) pril 2018 unds send USM to TO in Rollover Standard unds report lost members via MS or LMS 1 July 2018 unds provide updated payment summaries (TSB) unds commence capturing and reporting new MCS data for Defined Benefits (Grandfathering and Concessional contribution amounts) unds action Release authorities (Caps) und Income Tax Return changes (anti detriment and TRIS) unds (as a large employer) commence reporting via STP October 2018 unds report lost members via MS unds report contribution data via MTS

6 Deliverables gainst Plan Deliverable Planned date ctual date Comments Version 2 s at 24 th May 2017 Transfer Balance Cap (TBR) test correspondence content with industry March 2017 March 2017 s per plan. Testedcorrespondence with audience for readability prior to broader issue. StreamliningSuper test correspondence content with Industry March 2017 March 2017 s per plan. Testedcorrespondence with audience for readability prior to broader issue. Streamlining Super confirm TO capability to advise individuals of bring forward position and Total Super Balance (TSB) March 2017 March 2017 s per plan. TO staff ready to respond to enquiries. Contributions V2 testing rom March 2017 March 2017 s per plan. Testing commenced in March and will go through until ugust Enabling Services SBR2 performance enhancements pril 2017 pril 2017 s per plan for initial upgrades. urther upgrades are scheduled for late May Transfer Balance Cap (TBR) -Draft design specifications 3 rd pril th pril 2017 s per plan Member ccount ttribution Service(MS) draft technical specifications released to industry 5 th pril th pril 2017 s per plan. Specifications are now subject to industry feedback and design lockdown with the next iteration to be published in July TO is extending the Industry implementation window to October 2018 to accommodate to the later delivery of the final technical documentation. Transfer Balance Cap (TBR) -inal Specifications w/c 17 th pril May 2017 To ensure that the TBR design was appropriately futureproofed some additional fields were addedto support the calculation of total super balance inclusion. Slippagewas due to ensuring appropriate consultation with industry following these changes. Enabling Services EP 2.0deployment 30 pril pril 2017 s per plan. Note there was a minor technical issue identified quickly on Monday 1 May which was quickly resolved. Transfer Balance Cap Issue proactivecommunication to Individuals May th May 2017 s per plan Streamlining Super Issue proactive messages to Individuals May th May 2017 s per plan EnablingServices SBR2 performance enhancements 27/28 May 2017 We have confirmed that these upgradesare progressing weekend of 27/28 May. Communications will issue to industry on Monday 29 May detailing outcomes. Contributions V2 BDV production and cutover from30 May 2017 On track to commence from 30 May 2017 through to end June Staged deployment expected to then commence following confirmation of BDV results at end June.

7 Change Control Version 2 s at 24 th May 2017 Program Deliverable Change Version SuperStream MS inal draft Specdate moved back to July due to extended consultation with Industry and TO approval timeframes TO Deployment date moved from January to March 2018 Extension to funds onboarding period to October to allow for early and late adapters Lost member reporting via LMS removed for pril and October 2017 as they are BU SuperStream MTS Draft spec date removed while undertaking detailed design- see solution overview Solution overview artefactdue 30 th June Draft Business case by 30 th May added inalised Business case and solution overview to Industry 14 th June added TO Go / No Go decision on 30 th June added SuperStream Enabling Services July 17 VS update validation of Certificate in header -testing available added SuperStream USM Date confirmed to Build and test for 20C and USM (B2G) 26th May 2017 SuperStream SMS Date confirmedto SMS Rollovers Super Reforms TBR Issue proactive communications to individuals moved from pril to May to allow time to further refine target audience TBR reporting commences via BDE (all transactions from 1 July 2017) moved from September 2017 to October 2017 due to TO readiness to capture the data and fund reporting capacity Super Reforms StreamliningSuper Issue proactive communications to individuals moved from pril to May to allow time to further refine target audience TO online enhancements and transfer balance cap for December 2017 added due to additional data being available Deploymentdate moved from ugust 2017 to July 2018 for New and updated determinations, assessments, election process and release authorities and payments to reflect current scheduling Start date of build for updating of existing TO systems, processes and procedures incorporating new and existing letters and forms for internal and external use moved from March 2017 to May 2017 to reflect current scheduling Design build and test times added for TO Online bring forward position and TSB Super Reforms Transfer balance cap $1.6m Deployment date moved from September 2017 to December 2017 to reflect current scheduling Deployment added in July 2017 for CGT relief schedule update 7

8 Change Control s at 24 th May 2017 Program Deliverable Change Version Super Reforms Contributions capchanges Removed deliverable from July 2017 for MCS instruction updated for DB reporting (Grandfathering) as it is no longer in design DB reporting is now included in TBR Removed deliverable for July 2018 for changes to DB reporting on MCS as it is no longer in design Super Reforms Other Personal super contribution deductions to be non-deductable approved form has been changed to an TO deliverable also Super Reforms Div293 Start date of build for updating of existing TO systems, processes and procedures incorporating new and existing letters and forms for internal and external use moved from March 2017 to May 2017 to reflect current scheduling dditional deliverable added for July 2017 for updated Div 293 correspondence to Individual 8

9 Industry eedback Being Considered s at 24 th May 2017 Program Deliverable Considerations Version Super Reforms Death Benefit Reporting Optional technical solutions developed and subject to Industry consultation TO reviewing the legal position and the discretion available SuperStream MTS urther consultation with SMS sector to determine a MTS solution SuperStream SMS Review planned implementation timeframes for SMS verification 9

10 Risks to overall plan Program Deliverable Risk Mitigations s at 24 th May 2017 Super Reforms / SuperStream TBR / MTS unds can t transition to MTS by October 2018 inal draft specs provided 12 months in advance TO to track readiness of funds and administrators SuperStream MS unds unable to input MS by October 2018 inal draft specs provided 12 months in advance TO to track readiness of funds and administrators SuperStream MTS dditional reporting requirements identified Requirements will be implemented in pattern and timeframes established through consultation with industry SuperStream Contributions Outstanding Rollover implementation issues could impact Contributions implementation ll ll Capacity of TO and/orindustry to deliver a compressed program of work Priority given to USM issue resolution Short term workarounds being implemented Close monitoring through governance forums Ensuringthe plan is adhered to in order to minimise the impact on successful releases or dependencies 2