ARTICLE

SMSFs – Superstream compliance for rollovers

21 June 2022 dot 3 mins read

From 1 October 2021, SMSFs were required to be SuperStream compliant to accept employer contributions and to send or receive member balances as a rollover.

To be SuperStream compliant, the SMSF will need:
 
  • an electronic service address (ESA) –an ESA can be obtained from an SMSF messaging provider
  • an Australian business number (ABN), and
  • to ensure that the SMSF's details held by the ATO are up to date, including the SMSF's unique bank account.

Funding policies owned under the AIA Super Scheme No.2 by partial rollover

The old process (available prior to 1 October 2021 for rollovers from an SMSF) required:
 
  • a payment to be made by EFT or cheque from the SMSF trust account, and
  • the completion of manual rollover benefit statement (RBS) form.
     
To complete a rollover using the new SuperStream standard requires:

A. The RBS details to be sent as an electronic message through the ESA.
B. A payment reference number (PRN) must also be included in the electronic message, and
C. Payment must be made by EFT.
 
  • The EFT details are provided once the receiving super fund details are validated in the electronic message
  • The PRN must also match the EFT reference number.
    •  
Note: AIA may also accept completed Rollover request forms where the SMSF details (fund name and ABN) have been entered if the forms also include both the ESA of the SMSF and the SMSF Bank Account Details.
 
On receipt of a valid rollover request form, AIA will send an electronic notification to the SMSF using the SuperStream standard, requesting funds to be rolled over. To finalise the rollover, the SMSF must respond to the message and also complete steps A - C outlined above.
 

Having issues obtaining an electronic service address?

If you have tried to obtain an ESA, but have had issues doing so, you can contact the ATO on 13 10 20 and select options 4 then 1 to discuss your options.
 
If you have already contacted the ESA provider and are still experiencing issues, you may request approval from the ATO to use the old process to complete a manual RBS and make a payment by EFT or cheque. If required, the ATO provides instructions for completing the Rollover benefits statement.

Please be aware that using a paper form to conduct a rollover outside SuperStream without first seeking ATO approval is a reportable breach of the SuperStream rules and trustees may incur penalties.

Further details can be accessed via the ATO: SuperStream rollovers - issues obtaining an electronic service address?.

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