Implement Super TIC now, says GBST
Super funds should be setting up Super Tax File Integrity Check (Super TIC) capabilities now despite the Australian Prudential Regulation Authority’s (APRA’s) penalties starting next year, according to GBST head of quantitative data services Kathy Taylor-Hoffman.
Although super funds have been required to use the Australian Taxation Office’s (ATO’s) Super TIC facilities since 1 July this year for validating member details for rollovers, Taylor-Hoffman said some funds had taken APRA’s delay in metering out penalties due to the transition for rollover processing until December next year as a reason to hold off implementing the capability.
APRA has encouraged the use of Super TIC facilities as soon as possible following the 1 July start-date on a voluntary basis to validate new member registration or first contributions, but said it was not mandatory until 1 July 2014.
“They need to build it into their business process,” she said.
Now is the right time to implement Super TIC as best practice due to the implementation of new rollover standards, according to Taylor-Hoffman.
“If I was a receiving fund and I am going to get a rollover for someone and I set up a new person on my system, that would be the time to validate,” she said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Introducing a cooling off period in the process of switching super funds or moving money out of the sector could mitigate the potential loss to fraudulent behaviour, the outgoing ASIC Chair said.
Widespread member disengagement is having a detrimental impact on retirement confidence, AMP research has found.
Economists have warned inflation risks remain elevated even as the RBA signals policy is sitting near neutral after its latest hold.
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
