From 1 October 2021, all rollovers that are coming into or out of Self-Managed Superannuation Funds (SMSF) have to use SuperStream, which is an electronic method of providing the rollover data between funds.
To ensure the rollover process runs smoothly, here are few things to consider before you action:
- Prepare your fund ready for the rollover. The rollover has to happen within 3 days of application. If you are rolling out of an SMSF, this means that interim financial statements will need to be prepared to determine your current member balance and components. The fund will also need to have sufficient cash available to action the rollover.
- For rollovers out of an SMSF, if the cash required for the rollover is above the daily internet banking limit, you may need to speak to your bank in advance about temporarily increasing the limit to enable the cash to be transferred out of the fund.
- You need to have an active electronic service address (ESA) in place for the SMSF before the rollover. There are less complications if this ESA is the same one used by your specialist SMSF accounting software.
- Failure to pass the SMSF Verification Service (SVS) will prevent the rollover from happening. To avoid this, you need to ensure that all fund details (such as ESA, bank details & member details) are up to date with the ATO.
- Although rollovers are now completed via SuperStream, each fund may still have additional requirements and may request further information or documentation from the member, such as identification or a copy of the SMSF bank statement.
If you are considering rolling over your benefits, it is best to speak to your SMSF adviser prior to submitting any rollover requests.
If you require any assistance please reach out to the C&N team.
