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

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.