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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.
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