Self-managed super funds and SuperStream Rollovers version 3 introduced by the ATO are under production right now. The V3 guide for SMSFs sets out what you need to use in SuperStream and provide tips to minimise delays when rolling to or from an SMSF and how to respond to release authorities via SuperStream.
To assist with rolling money out of and into your SMSF, the Australian Tax Office has also developed an additional self-managed super funds checklist.
Key Things To Remember When Following Version 3 Rollovers
- The transferring fund must make the rollover electronically via SuperStream.
- When the request to rollover benefits is to an SMSF, the transferring fund must use the SMSF Verification Service (SVS).
- Members can still request a rollover via a paper form, using:
- Request for rollover of whole balance of super benefits between funds (NAT 75359) or
- A form developed by the fund.
- There are three common reasons a transferring fund may receive a ‘not verified’ response when calling the SVS:
- a mismatch between the SMSF or member information and data held by the ATO.
- no SMSF superannuation bank account details were recorded with the ATO.
- no SuperStream rollover enabled electronic service address (ESA) is recorded with the ATO.
After notifying the ATO about the changes to your SMSF over the phone, the issues related to the SVS can be easily resolved. An individual can talk with a customer service representative regarding the SMSF by calling on the ATO helpline number.
When winding up your SMSF and getting the changes done, make sure:
- You pay the rollover to the receiving fund electronically.
- You have rolled any remaining refund resulting from the final SMSF annual return via SuperStream immediately after receiving it.
- To provide the payment reference number (PRN) in the rollover transaction request (RTR) message to the receiving fund.
- The PRN in the message and the payment are identical. If the PRNs are not identical, the receiving fund will not be able to reconcile the message and payment.
If you have any self-managed super funds that need Superstream rollovers, our tax accountants at KPG Taxation can help you out. We are one of the trusted accounting and taxation companies in Dandenong, having years of experience in assisting businesses and individuals with rollovers and tax filing services.