Guide To SuperStream Rollovers V3 For Self-Managed Super Funds

When it comes to SuperStream rollovers, all Self Managed Super Funds (SMSFs) are required to transact in the Superannuation data and payment standard. All SMSFs need to process the rollover within three days of receiving the required information.

If you want to use SuperStream, make sure your SMSFs:

  • obtain an Australian Business Number (ABN)
  • engage a messaging provider offering SuperStream rollover and obtain their ESA
  • ensure up-to-date details are recorded, including the SMSF’s unique bank account
  • ensure they have a Complying or Registered status on Super Fund Lookup.

Verification Prior To Rollovers

Before rolling super into an SMSF, the APRA or SMSF transferring fund will use the SVS to verify certain details about you and your SMSF. It will send you back a not verified response if:

  • the provided ABN is not registered as an SMSF
  • ATO or the transferring fund does not hold the required SMSF details
  • the details, including bank account and ESA are not correct 
  • SMSF is not Complying or Registered on Super Fund Lookup

Partial Rollovers

If you want partial rollover of your super benefits, you are allowed to make a direct request to either the transferring fund or receiving fund.

  • Partial rollovers cannot be requested via ATO online
  • Partial rollovers must be completed using SuperStream

Release Authorities Using SuperStream Rollovers v3

A document given by the Australian Taxation Office to a fund so as to authorise the release of a member’s super is known as Release Authority (RA). SMSFs having an SMSF messaging provider offering SuperStream rollover services are eligible to receive the release authorities electronically, including:

  • Excess Concessional Contributions
  • Excess Non-Concessional Contributions
  • Excess Non-Concessional Contributions Tax
  • Division 293 Due And Payable
  • Division 293 Deferred Debt
  • First Home Super Saver Scheme

After receiving the receipt of an electronic release authority, an SMSF must do the following within 10 business days:

  • Electronically pay ATO the lesser of:
  1. the amount stated in the release authority, or
  2. the total amount of the super interest paid at that time
  • Send us a release authority statement message via SuperStream advising
  1. the amount that was released to us
  2. for partial releases, whether any super benefits remain in the account.
  • Send us a release authority error message via SuperStream if your SMSF is unable to activate the release authority.

If you have any queries regarding SuperStream Rollovers, please talk to one of our tax consultants in Dandenong. KPG Taxation is a trusted accounting firm specialising in tax preparation, filing, payroll, and accounting services to businesses and individuals.

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