There are some changes coming to the online application that we need to tell you about. These changes won’t impact your clients, but they will change the way you and your staff complete the online application for Super and Pension clients where you complete a rollover via Superstream.
These changes are being made as the Australian Taxation Office (ATO) now requires enhanced levels of security on online applications where a client’s external superannuation fund details are being accessed.
What do I need to know?
When completing an online application for a Super or Pension account, you can currently choose to complete a rollover via SuperStream by simply selecting ‘Yes’ and entering your client’s external super fund details.
From 20 March 2020, we need to add an enhanced security step to the process, to ensure that only authorised parties are:
- viewing details of your client’s external super fund, and
- giving us the authority to send the SuperStream message to the external super fund.
For Super and Pension online applications where you or your staff have answered ‘Yes’ to the question ‘Would you like to complete a rollover via SuperStream?’, the following will happen:
- you’ll finish inputting the client and product information into the application, like normal
- once you’ve input the product information, an email with a unique authentication code is triggered and sent to the email address linked to your Access Code
- when you’re ready to submit the application, enter the authentication code into the ‘Authenticate Adviser’ section in Stage 7
- you’ll then be able to submit the application to us for processing.
Things to keep in mind?
If you or your colleague have full transact authority under the adviser code that the account is being opened with, then you will receive the authentication code as the system recognises this level of authority being linked to your individual Access Code.
If the person completing the application does not have full transact authority, then the authentication code will be sent to the email address linked to the adviser Access Code the account is being opened with.
In Stage 7 of the online application, you’ll be asked to provide your authentication code. If you haven’t received the email with the authentication code, there will be an option to click the ‘Resend the authentication code’. This will trigger another email with a unique authorisation code to be sent to your email address.
If you have any questions about this change, please get in touch with us.