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  • Rollover benefits statement and instructions for transactions from 1 July 2017

    About rollover benefit statements (RBS)

    You (transferring fund) must provide a statement to the receiving fund and member when you pay a rollover superannuation benefit. From 1 July 2017, there are two rollover benefit statements:

    • Death benefit rollover statement
    • Rollover benefits statement.

    Previously, all rollover benefits statements were captured in single form.

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    Use the following version of the Rollover benefits statement (RBS) for payments occurring from 1 July 2017 that are not a death benefit rollover.

    Statements to receiving funds

    Generally, you must use the RBS when you pay a rollover super benefit to another super fund and you are not already providing all of this information electronically under the Superannuation Data and Payment Standards 2012 (the rollover data standard).

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    Statements to members

    If you give a statement to the receiving fund, using either the RBS or an electronic statement using the data standard, you must give the statement to your member within 30 days of the rollover payment. Use the RBS, or a similar form you create that includes the same information.

    Note: Use the current RBS (NAT 70944-03.2013) to give a statement to your member.

    Payments that require an RBS

    A rollover super benefit is defined in the Income Tax Assessment Act 1997 (ITAA 1997). It includes most rollovers and transfers, as defined in the Superannuation Industry (Supervision) Act 1993.

    The following are examples of payments where you must provide the receiving fund with an RBS if you are not already providing all of the same information electronically using the data standard.

    • When you roll over all or part of your member's super while your member is in the contributions phase, if they choose to have all or part of their super interest rolled over to another super fund.
    • When you roll over all or part of your member's super to a super plan with another fund from which an income stream will be paid (for example, when they move from an accumulation phase in your fund to a pension phase in another).
    • When you roll over a lump sum for your member after they have satisfied a condition of release, if they chose to move their benefits to another super fund.
    • When you transfer benefits from your member's super account to their spouse's super account with another fund after accepting an application for contributions splitting or under a family law obligation.
    • When you are the trustee of a non-complying fund and are paying member benefits to another super fund.

    Payments that don't require an RBS

    When you move an amount from one super plan to a different super plan held by the same trustee (or RSA provider), you don't need to provide an RBS as there is only one trustee involved.

    For example, when you make a payment to your member 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.

    Statement by non-complying funds

    If your fund is non-complying, you must provide an RBS if you make a payment to another super fund (including another non-complying fund). You must do this regardless of these payments not being rollover super benefits. You do not need to complete section C of the RBS.

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    Last modified: 07 Sep 2017QC 28175