Reporting rollovers accurately

All super funds need to provide a rollover benefits statement to the receiving fund when they pay a roll-over superannuation benefit to other super funds within seven days of making the payment. You can use the paper form Rollover benefits statement (NAT 70944), or you can provide the same information electronically.

Our instructions How to complete a rollover benefits statement (NAT 70945) will help you fill out the statement or design systems that collect and report the same information electronically.

This information provides additional tips on how to report accurately. The tips are based on actual reporting errors that we have seen from our compliance activities and on issues raised with us by super funds and software developers.

	The Rollover benefits statement is an approved form. You must use this to report rollovers and transfers of benefits or report the same information electronically. All rollover benefits statements must include all the information we request in our form.
	We may apply administrative penalties if we audit your fund and find that an accurate Rollover benefits statement has not been provided on time to the receiving fund.

When a rollover benefits statement is required

A rollover benefits statement is required whenever a 'rollover super benefit' is paid from one super provider to another.

'Rollover super benefit' is very broadly defined in the Income Tax Assessment Act 1997 (ITAA 1997). It can include most 'rollovers' and 'transfers', as defined in the Superannuation Industry (Supervision) Act 1993 (SIS Act).

The following are examples of payments that are rollover super benefits and so must be accompanied by a rollover benefits statement:

• when a member in the contributions phase chooses to have all or part of their super interest rolled over to another super provider
• a rollover to a super plan from which a super income stream will be paid, when moving from an accumulation phase to a pension phase
• lump sums rolled over when a member who has satisfied a condition of release decides to move their benefits to another provider
• benefits transferred between a member's super account with one fund and that of their spouse in another fund after acceptance of an application for contributions splitting or under a family law obligation
• transfers of member benefits between super providers when super funds merge.

The following are examples of payments that are not rollover super benefits and do not need a rollover benefits statement:

• death benefits payable to a dependant of a deceased member - if the dependant asks that this be paid directly to their own super fund, this payment is considered to be a benefit payment to the dependant that then becomes a personal contribution to their own fund
• a payment to a member made under a condition of release because of a terminal medical condition - this is a benefit payment to the member that then becomes a new contribution to the new fund
• a movement of an amount between different super plans held by the same superannuation provider - although an amount is being paid between plans, there is only one provider involved and so no statement is needed.

On rare occasions, a rollover benefits statement must accompany payments between funds that are not rollover super benefits. This occurs when either or both of the funds involved either is a non-complying fund when the payment is made, or was non-complying in the financial year of the payment or the previous financial year.