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Australian Taxation Office Legislative Instrument
 Instrument ID: 2021/SEO/0005

Standard

Superannuation Data and Payment Standards (Release Authorities, and SMSF Rollovers) Amendment 2021

I, Louise Clarke, Deputy Commissioner of Taxation, make this Standard under subsection 34K(3) of the Superannuation Industry (Supervision) Act 1993.

Louise Clarke
Deputy Commissioner of Taxation
Policy, Analysis and Legislation
Law Design and Practice
Date of making: 9 March 2021

1.             Name of Standard
This Standard is the Superannuation Data and Payment Standards (Release Authorities, and SMSF Rollovers) Amendment 2021.

2.             Commencement
This Standard commences on the day after its registration on the Federal Register of Legislation.

3.             Application
This Standard applies to trustees of regulated superannuation funds and approved deposit funds that are required to comply with the Superannuation Data and Payment Standards 2012 (F2016C01040) registered on 9 December 2016.

4.             What this Standard does
This Standard amends clause 2, clause 4, clause 5, clause 6, clause 8 and clause 9 of the Superannuation Data and Payment Standards 2012.

This Standard requires trustees of self-managed superannuation funds (SMSFs) to comply with the Superannuation Data and Payment Standards 2012 in relation to rollovers and transfers that are requested on or after 31 March 2021.

This Standard also requires trustees of both SMSFs and APRA-regulated superannuation entities, in relation to release authorities issued on or after 31 March 2021 by the Commissioner of Taxation under Division 131 of Schedule 1 to the Taxation Administration Act 1953, to comply with the Superannuation Data and Payment Standards 2012. However, this Standard does not apply to a release authority issued by the Commissioner on or after 31 March 2021 where the release authority is issued outside of requirements of the Superannuation Data and Payment Standards 2012.

This Standard repeals Schedule 1 to the Superannuation Data and Payment Standards 2012.

5.             Amendment
The following amendments are made to clause 2, clause 4, clause 5, clause 6, clause 8 and clause 9 of the Superannuation Data and Payment Standards 2012 and repeals Schedule 1 to the Superannuation Data and Payment Standards 2012:

Clause 2

Omit the words: Federal Register of Legislative Instruments

Substitute the words: Federal Register of Legislation

Clause 4

Omit subclause 4(a)

Insert: trustees of APRA-regulated superannuation entities;

Subclause 4(b), omit all

Substitute:

       (b)          trustees of self-managed superannuation funds (SMSFs) except in relation to:

           (i)             receiving contributions from employers that are related parties of the SMSF; and

           (ii)           information or payments required under the Superannuation (Unclaimed Money and Lost Members) Act 1999.

Clause 5

After subclause 5(d) insert:

       (da) a trustee of an SMSF, in relation to rollovers and transfers as the transferring fund or receiving fund, requested on and after 31 March 2021;

       (db) a trustee of an APRA-regulated superannuation entity or