SuperStream rollovers and release authorities
SuperStream is the electronic system used to transfer data to super funds and is used to process employer contributions and for rollovers between super funds. It can also be used for certain ATO release authorities. The idea behind SuperStream rollovers and release authorities is to make the processing faster, more efficient and with fewer errors.
For the SMSF to be SuperStream ready, it needs:
- An electronic Service address (ESA)
- An Australian Business Number (ABN)
- To ensure that its details are up to date with the tax office, including the SMSF’s bank account.
The super fund paying the rollover also needs to ensure that the receiving super fund has complying or regulated status with the tax office, and that it has received the Tax File Number of the relevant member. Whilst the paying fund has three days to process a payment from when a rollover request is received, incomplete information will cause delays. Note that we are finding that many retail funds are requesting certified copies of bank statements.
Please do not hesitate to contact us here at Greenlight if you have further questions in relation to the changes.