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  • Successor fund transfer reporting

    Regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994 (SISR) states – a member's benefits must not be transferred from a fund unless a member's consent has been given.

    Exceptions apply to successor fund transfers (SFTs), transfers to MySuper products and transfers to eligible rollover funds (ERFs), where member consent is not required but specific criteria are met.

    Transfers to MySuper products and ERFs are outside the scope of this chapter and do not involve an SFT. These transfers should be considered in the context of normal fund reporting, as outlined in the rest of the Fund reporting protocol.

    If a member’s account is transferred from one registrable super entity (RSE) to another RSE (with a different ABN) without their members' consent, an SFT has occurred. When the same entity is the trustee for more than one RSE, an SFT can also occur when their members' accounts are transferred from one RSE to another within the same group.

    When the trustee of the transferring fund transfers cash and other assets of the fund to a successor fund, the transferring fund makes a payment that is a super benefit, of each member's benefits to the successor fund. The payment of each member's benefit is a rollover super benefit.

    A member’s account can also be transferred to the ATO in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999. However, this type of transfer is not covered as part of this chapter.

    An SFT has not occurred when a change in platform or service provider has occurred within the same RSE ABN resulting in changes to account identifiers only. This chapter does not cover these situations.

    Next step:

    • In an SFT, unique reporting issues can arise. Questions or requests for advice can be sent to SuperCRT@ato.gov.au.

    See also:

      Last modified: 08 Aug 2018QC 56421