News / Dec 06, 2021

Is SuperStream making rollovers easier?

Alex Polorotoff
Share
Share Share Share Share

From 1 October, the SuperStream system must be used for any rollovers to or from SMSFs.  The intention is to make the processing of rollovers between funds faster, more efficient and with fewer errors.  For further information about these requirements, you can read our recent article SuperStream changes to improve rollovers.  Accountants and advisers seem to have had a mixed experience with the new system so, in this article, we’ll explore some of the issues we’ve come across and how we can address them.

CERTIFIED IDs

One of the main issues we’ve experienced is the request from some funds to provide certified ID documents for members wishing to rollover their member entitlement to their SMSF.  Whilst this isn’t a requirement for SuperStream, we’ve found certain funds will still request this whilst others have not. 

BANK STATEMENTS

The other key issue we have come across has been when a copy of the SMSF’s bank statement has been requested, showing the account name and bank account details.  This statement generally isn’t available until the first rollover has been received or an initial contribution made.  If this is the case, there some options to navigate your way around this:

  1. Provide a screenshot or PDF copy of the bank account details from the bank’s website; or
  2. Provide a signed letter from the SMSF trustee confirming the bank account details.

For a number of our clients, these two items have meant we have had to make multiple requests for rollovers via SuperStream, as the initial request is rejected when we have not provided the above.  The difficulty for SMSF professionals seems to be that each fund has their own unique requirements for approving the rollover request.  Therefore, if it is practical, we suggest contacting the fund the rollover is coming from prior to submitting the rollover request, to confirm what they need.  This will help to ensure the rollover is processed as quickly as possible.

UPDATE THE SMSF DETAILS

It is also important to ensure the SMSF’s details held with the ATO are accurate.  This includes the ESA, bank account, member and trustee details.  Some of this information was usually only updated with the ATO after the first Annual Return was lodged however, these now need to be included prior to requesting any rollovers into an SMSF.

Clients can check and update this information via their myGov account or, if they have a registered tax agent, via the Tax Agent Portal.

DIRECTOR IDs

Whilst this is not a requirement for SuperStream, it is important for new directors of corporate trustees to register for their Director ID Number within the required timeframe.  For further details, please refer to our article Director ID Numbers are here to stay.

The SuperStream system was partly designed to improve the rollover process to and from SMSFs.  Unfortunately, there have been issues which have made the process much harder than intended and it seems a lot of the frustration stems from each fund having their own unique requirements.  If you are experiencing any issues or would like guidance on resolving a potential problem, please contact us and we’ll do our best to assist you.

Similar Posts

News / Monday, June 21st, 2021

Related party trusts and SMSFs

Alex Polorotoff
News / Tuesday, July 12th, 2016

Tips for getting the SMSF annual return right

The information below may help you avoid potential pitfalls when preparing your SMSF annual return. Providing electronic funds transfer (EFT) […]

Brent Jones