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  • CRT Alert 003/2021

    Reuniting More Super - Eligible Rollover Funds and Trustee Voluntary Payments

    The Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020, that facilitates the closure of Eligible Rollover Funds (ERF) and allows super providers to make Trustee Voluntary Payments (TVPs), has passed and is awaiting Royal Assent.

    Eligible Rollover Funds

    ERFs must identify accounts they hold on 1 June 2021. The statement and payment will be due and payable by:

    • 30 June 2021 - for ERF low balance accounts (less than $6,000)
    • 31 January 2022 - for all other accounts held by ERFs.

    Trustee Voluntary Payments

    Although the provisions allow for TVP reporting and payment to occur at any time, the ATO is coordinating the transfer of this new category of unclaimed super money (USM) for an interim period. The ultimate reporting solution for this new category is a new USM code that is being delivered in the SuperStream Rollovers version 3 project which all funds will transition to by 30 September 2021. Until then, we require an interim reporting solution so the ATO can identify amounts that are reported and paid as trustee voluntary payments. We have been working with the Superannuation Administration Group (SAG) on the interim reporting solution and are close to finalising details.

    We ask that superannuation providers do not transfer any TVP amounts until we communicate the interim reporting solution. We will do this through a Super News article and a further Super CRT Alert shortly.

    We will also update our web content to reflect the new provisions and reporting solution.

    Next Steps:

      Last modified: 22 Mar 2021QC 65105