We use information provided to us by income stream product providers. This information helps us make sure our customers get correct payments.
Who is an income stream product provider
An income stream product provider is an:
- organisation, or
- superannuation fund
They provide retirement income streams. These include:
- Australian superannuation funds
- self-managed super funds (SMSFs)
- small APRA super funds (SAFs)
- retirement savings account (RSA) providers
- life insurance companies
Why we need income stream information
We need to make sure customers get the correct payments and concession cards. To do this, we need to collect details about the income stream products they and their partners have.
We review income stream product at specified times each year depending on the type of product. We conduct the largest number of reviews in August and February each financial year. We also review some income streams in line with the Consumer Price Index.
What is the new automated income stream review process
In January 2018, we introduced a new automated income stream review process. The new system will allow you to transfer income stream information to us electronically. This means:
- customers and financial advisors don’t need to contact you for information
- you won’t need to issue bulk paper Income Stream Schedules for the February and August reviews
- you can provide us with information we need for the reviews in a more efficient and accurate way
When can you register
You or your administrator can register now. It’s currently voluntary, however from 1 January 2019, it will be mandatory.
You must register by 1 November 2018 to be ready to for the new process from 1 January 2019. This does not apply to SMSFs and SAFs.
After you register we’ll:
- let you know when you’re ready to transfer electronic data
- send you an information request in writing when it’s time for reviews
The information request notice will let you know what to transfer to us.
To help you transition to the new process, we’re holding regular telephone information sessions. To get more details or register for a session, email the Income Streams team.