As of October 1, the ATO has implemented changes to SuperStream obligations. This means that rollovers into or out of your SMSF can only be performed using SuperStream. By being prepared for this change, it will ensure your employer super contributions are paid and super monies are rolled over in a timely manner.
Below we outline what SuperStream is, what it means for you and how your firm can become SuperStream compliant.
SuperStream is the Australian Government’s standard for processing superannuation data and payments electronically. The electronic data and payment system is setup by the ATO and streamlines superannuation payments between super funds, employers and the ATO.
SuperSteam is intended to simplify super rollovers by cutting down processing time, reducing errors and linking data to payments using unique payment reference numbers.
When is SuperStream Mandated for Rollovers?
From 1 October 2021, SMSF trustees must use SuperStream Rollover v3 for any full or partial rollovers into or out of the SMSF.
This will impact your SMSF if your members want to:
- rollover funds into your SMSF from another super fund, or
- rollover fund out of your SMSF to another super fund including to wind-up your SMSF,
- receive and action release authorities, including First Home Super Saver Scheme more quickly via SuperStream
What do I need to do now?
It’s important to ensure the following information is up-to-date with the ATO:
- your SMSF details and personal details (ie. full name, current address) are recorded,
- your SMSF has an ABN and unique bank account for superannuation payments, and
- your SMSF has or will have a valid ESA enabled from 1 October 2021.
Also ensure your employer has:
- details of your SMSF to pay your employer contributions into – including the fund’s ABN, bank account details and your membership number, and
- the fund’s ESA which supports rollover SuperStream services.
How Can I Start Using SuperStream
To begin using SuperStream, your SMSF should:
- have up-to-date details recorded with the ATO, including your SMSF’s unique bank account for superannuation payments
- have an ABN
check with your SMSF messaging provider to ensure your SMSF ESA is compatible or enabled for SuperStream contributions and rollovers or releases (Rollover v3) and provide those details to the ATO. You can check the status of your messaging providers here.
How can I check the status of my fund?
For a rollover into a SMSF, the fund must be an ATO regulated fund. The status of the fund can be checked on the Super Fund Lookup website.
If the status of the fund is either ‘regulation details removed’ or ‘non-complying’ the fund cannot receive rollovers and it cannot accept employer or personal contributions.