#10108
Awan Hammad
Participant

    Hi Sandeep

     

    Yes all rollovers (other than in-specie rollovers or family law super splits) should occur through SuperStream from 1/10/2021.

    The ATO had a paper rollover option if the prescribed requirements were complied with from 16/3/2022 to 30/6/2023.

    The paper rollover requirements (to 30/6/2023) included:

    •    “Using a paper form to conduct a rollover outside SuperStream on or after 1 October 2021 without first seeking our approval is a reportable breach of the SuperStream rules”

    •    “can request to undertake the rollover outside SuperStream. We will confirm over the phone that you can use the paper process used for rollovers prior to 1 October 2021 and make a record of the approval”.

    •    “auditor will not be required to report a contravention to us where you have received our approval to make the rollover outside SuperStream. This is a temporary measure put in place to help facilitate SMSF rollovers.”

    •    “process is available only for rollovers from a SMSF and between SMSFs.”

    If rollover not correctly done via SuperStream it is a breach of SIS Regulation 6.17.

    From ATO auditor compliance guidance:

     “It also includes obtaining evidence that the trustees have complied with the SuperStream rules in the SISR for rollovers to, and from, a SMSF from 1 October 2021. A failure to do so is a contravention of regulation 6.17.”

    A SMSF receiving a rollover must ensure that:

    •     where rollover request received by the SMSF from the member, SMSF uses SuperStream to request the rollover from the transferring fund (SIS Reg 6.33A)

    •     where the rollover made by the transferring fund to the SMSF using SuperStream, the SMSF is able to receive the rollover information and payment electronically (SIS Reg 6.34C)

    •     the rollover is allocated to member within 3 business days after it is received (SIS Reg 6.34D).

     

    Thanks

    The Auditors Institute

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