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Sep 06, 2023 / News
All SMSFs to use SuperStream for rollovers from 1 July 2023
SuperStream is a digital process designed to simplify and speed up the processing of employer contributions and rollovers by super funds. It requires that all participating super funds must have an electronic service address (ESA). All employer contributions are required to be processed by SuperStream, except where they are made to a related SMSF.
Although SMSFs have been required to process rollovers using SuperStream since 1 October 2021, the ATO provided temporary relief by allowing rollovers between SMSFs and from an SMSF to be processed outside SuperStream without incurring penalties. This concession recognised that the original pool of ESA providers who could process rollovers was limited.
Trustees should be aware that this temporary relief ended on 1 July 2023. From that date all rollovers to and from an SMSF must be executed through SuperStream, requiring the fund to have an ESA from a provider who is rollover enabled. SMSF auditors will now be required to report any rollover not executed through SuperStream as a compliance breach.
Nexia Edwards Marshall provides this facility to all our client funds through our specialised super fund software platforms. Fund trustees who are not clients may be interested in the ATO’s list of current ESA providers at ATO ESA providers.
Most people are not familiar with the details of how SuperStream operates for rollovers and the timing requirements. Please contact your Nexia Edwards Marshall advisor if you plan to initiate a rollover into or out of your SMSF, so the necessary steps can be planned well in advance of the rollover happening.
The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.
