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Avoiding Common Issues In Superstream Rollover Processing

With SuperStream Rollovers V3 and Self-managed Super Funds (SMSFs) in process with certain release authorities in production, it’s important to avoid any mistakes and issues when requesting a rollover. To make sure you won’t end up confused and making frequent errors, here are some key points to keep in mind:

  • a member can request a rollover via a paper application, using:
  1. Request for rollover of balance of super benefits between funds (NAT 75359) or
  2. a form developed by the transferring fund
  • the rollover must be made electronically via SuperStream
  • if the request to rollover benefit is to an SMSF, use the SMSF Verification Service (SVS)

SMSF Verification Service (SVS) is an online service providing the authorised entities with the ability to verify the SMSF details before making a rollover.

Got A Not Verified Response?

Few transferring finds get a not verified response when calling the SVS. The common reasons behind this response are:

  • no SMSF superannuation bank account details recorded
  • no SuperStream rollover enabled electronic service address (ESA)
  • a mismatch between the SMSF or member information held by the ATO

In any of these cases, a transferring fund may get a not verified response but can be easily resolved by the members after they notify us about the changes to their SMSF.

Manual verification is also possible, and members can speak with a customer service representative at the Australian Taxation Office regarding their SMSF. A request for manual verification of SMSF will only be entertained if a member doesn’t hold a TFN or the SVS is not available.

Conclusion

Defining the payment reference number (PRN) in the rollover process request message is the obligation of the transferring fund. Make sure the PRN in the message and the payment are identical. In case, they are not identical, the receiving fund will not be able to reconcile the message and payment.

If you are looking for a professional to assist you with SMSF and Superstream Rollover Processing, our tax accountants in Dandenong are here to assist you right away. Feel free to discuss your needs and queries.