Tips to minimise delays when rolling super to or from an SMSF 2

ATO provides tips when dealing with the new SuperStream requirements

Since 1 October 2021, SMSFs have been required to comply with the SuperStream standards
for rollovers (‘SuperStream Rollovers v3’). This means that fund trustees are required to use
SuperStream to process rollovers (other than in-specie rollovers) to or from their SMSF. In
addition, certain release authorities can now be issued by the ATO electronically through
SuperStream.

The ATO has recently clarified what SMSFs must do to satisfy the requirements of SuperStream
Rollovers v3.

Tips to minimise delays when rolling super to or from an SMSF

The ATO provided the following tips to minimise delays when rolling super to or from an SMSF:

• Ensure the SMSF details provided to the transferring fund match the details the ATO
holds. Also ensure the member details (such as a surname) held by the transferring
fund match those of the receiving fund. Sometimes these need to be updated with the
transferring fund prior to requesting a rollover.

• The transferring fund may request further information such as proof of identity (‘POI’)
documents and bank account details for fraud prevention reasons.
If they do, they must request this information within five business days of receiving the
SMSF’s request, and then complete that rollover within three business days of receiving
the information.

• When transferring super from an APRA fund to an SMSF, contact the APRA fund to
discuss the specific POI requirements and submit the documents in a timely manner.

• Use the Fund Validation Service to obtain the APRA fund’s current banking details.

• Do not submit multiple rollover requests when there is a delay.

• When rolling super out of an SMSF, ensure the SMSF is ready to rollover the amounts
before submitting a request, such as confirming the SMSF has sufficient liquid assets.
Also be aware that the fund’s financial institution may have a daily limit on the amount
that can be transferred which may impact the amount being rolled out.

• Ensure the Electronic Service Address (‘ESA’) of the SMSF provides rollover services, as
not all ESAs can be used to process a rollover.

• When rolling out of an SMSF, ensure the payment reference number (‘PRN’) on the
message and payment match, and send the message and payment to the receiving
fund at the same time where possible.

Release authorities using SuperStream Rollovers v3

A release authority is a document the ATO gives to a fund to authorise release of their
member’s super. SMSFs that have an SMSF messaging provider which offers SuperStream
rollover services will receive the following release authorities electronically:

• 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.

Upon receipt of an electronic release authority, an SMSF must do the following within 10 business days from the date of release authority:

• Electronically pay the ATO the lesser of:

– the amount stated in the release authority; or

– the total amount of the super interest that could be paid at that time.

• Send the ATO a release authority statement (‘RAS’) message via SuperStream advising:

– the amount that was released to the ATO; and

– for partial releases, whether any super benefits remain in the account.

• Send the ATO a release authority error message (‘RAER’) via SuperStream if the SMSF is unable to action the release authority.