In conversation with the ATO: SMSFs & SuperStream Rollovers – Tips and Traps

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In conversation with the ATO: SMSFs & SuperStream Rollovers – Tips and Traps

In our newest ‘In Conversation with the ATO’ webinar recording, the SMSF Association’s Technical Manager, Mary Simmons sat down with Ian Morgan, Director – SuperStream Rollovers version 3 project from the Australian Taxation Office.

Since 1 October 2021, it has been compulsory for all SMSFs to comply with the SuperStream data and payment standards for all rollovers to and from SMSFs.

This webinar focuses on the main issues identified when trying to use SuperStream to rollover benefits including:

  • The ATO’s temporary relief to manage the limited choice of rollover enabled electronic service address providers;
  • Understanding the ATO’s bank validation process and how this interacts with the proof of ID process for APRA funds;
  • Managing rollovers where financial institutions have set electronic fund transfer limits;
  • Mismatches and the member validation process, including what to do when rolling over a death benefit;
  • Managing the need to allocate member funds or execute a rollover within 3 business days;
  • How to process an amendment or cancellation of a rollover once initiated through SuperStream;
  • How SMSFs should process in-specie rollovers, partial rollovers and much more…

The webinar discussion also provides ATO insights into how the SMSF industry has adjusted to actioning release authorities using SuperStream standards.

For more information on SuperStream Rollover v3, please visit the ATO’s website.