Jul, 2023

From 1 October 2021, SuperStream must be used to rollover any superannuation to or from an SMSF. These changes impact a SMSF where a member:

• Rolls over benefits to a SMSF, such as transferring money from any other super fund to the SMSF;
• Rolls over benefits from a SMSF, which includes when the SMSF is being wound up; or
• Receives and actions certain release authorities including the first home super saver scheme.

The following are the listed exemptions from the SuperStream requirements:

• In-specie transfers or off-market transfers; The trustee will complete a rollover outside of SuperStream for the in-specie part, (the transfer of the assets), and the trustee must complete the cash component of the rollover via SuperStream;
• Personal contributions made to an SMSF by its members;
• Superannuation guarantee payments from a related-party employer, e.g., family business;
• Non-complying SMSFs rollover of superannuation balances to another superannuation fund;
• Family law superannuation splitting, overseas superannuation rollovers (transfers from foreign super funds), and contribution splitting;
• Trustees that have issues obtaining Electronic Service Address (ESA) based on the following circumstances:
  • The trustee has ATO approval to enact a rollover outside of SuperStream using the paper process.
  • The trustee must provide the reference number for approval to their SMSF auditor.
  • The exemption is only applicable to rollovers from a SMSF and between SMSFs and was a temporary measure put in place in the 2021-22 income year.

SMSFs must action the rollover within 3 business days after receiving all the information required to process the request.

Using a paper form to conduct a rollover outside SuperStream on or after 1 October 2021 without first seeking ATO approval is a reportable contravention by the auditor of the SuperStream rules. Where a fund does not transact in accordance with the SuperStream standards, this is a reportable contravention of Regulation 6.17 of SISR.

Details on the SuperStream SMSF rollovers and auditor reporting obligations can be found here on the ATO Website:

SuperStream rollovers and release authorities for SMSFs

Information for self-managed super funds (SMSFs) about transferring super to and from your SMSF via SuperStream from 1 October 2021.

SuperStream SMSF rollovers and auditor reporting obligations

When to report contraventions of the SuperStream rollover rules and what evidence you need.

If you have any questions on SuperStream rollover, please feel free to reach out to our team at evolv@evolvsuper.com.au or on 1300 886 536.

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