Super Alert – 20 March 2020

20 March 2020

The week’s Super Alert notes APRA’s changes to its approach for online data lodgement and the ATO’s instructions for accessing the online application system for DASP.

Changes to APRA Connect implementation approach and timeline

On 12 March 2020, APRA updated its website to advise of changes to its implementation approach and timeline for ‘APRA Connect’. According to APRA, APRA Connect will be ‘the new data collection solution for reporting entities to lodge entity information and financial data with APRA’.

The key items include:

  • ‘APRA Connect is scheduled to go live at the end of September 2020… Entities will be required to use both Direct to APRA (D2A) and APRA Connect in the medium term.’;
  • ‘A test environment is planned to be available from the end of June 2020 for entities to familiarise themselves with APRA Connect.’; and
  • ‘All entities will commence reporting entity information on APRA Connect from September 2020 while the timing of financial data reporting will vary for each industry.’

Please click here to read more.

ATO instructions for accessing the DASP online application system

On 16 March 2020, the ATO updated its website to provide instructions to super funds on accessing the DASP (Departing Australia superannuation payment) online application system. This system allows super funds to ‘access applications submitted by their members and DASP intermediaries’. Super funds can also use the system to reject an application, view and update their contact details, and nominate an administrator.

Please click here to read more.

APRA Product Heatmap FAQs

On 19 March 2020, APRA issued guidance in relation to understanding its MySuper Product Heatmap in the form of Frequently Asked Questions (FAQs).

The FAQs answer technical and general questions such as:

  • ‘What are APRA’s plans for the next update to the December 2019 MySuper Product Heatmap?’;
  • ‘How can trustees ensure updated fees and costs are reflected in the heatmap?’; and
  • ‘How has APRA ensured that the heatmap is based on fees gross of tax?’.

Please click here for further information.

This article was written by Natalie Cambrell, Partner, Sanela Osmanovic, Senior Associate and Joseph Cheung, Solicitor.

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