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  • Contact us early if you are planning an SFT to help get it right the first time

    Successor Fund Transfers (SFTs) present a significant potential risk to the integrity of member data held by funds and can have adverse impacts on members’ data if not transferred correctly.

    We have seen an increase in SFTs recently and incorrect reporting may result in downstream impacts for:

    • individuals’ superannuation and taxation position
    • the ATO’s ability to effectively administer superannuation products, caps, and taxes.

    To improve the integrity of member reporting and ultimately provide a better client experience, we have published the SFT protocol document and checklist to assist funds planning or undertaking an SFT.

    When undergoing an SFT:

    • transferring funds need to close the account and report via Member Account Transaction Service (MAAS). To ensure a member’s account shows as closed in our systems, the Australian Business number (ABN), unique superannuation identifier (USI) and member account identifier, the fund reports, must exactly match what was reported when the account was opened. Do not include additional spaces or a dash. The old account should be reported as closed before the new account is reported as open by the receiving fund
    • receiving funds need to open a new account and report via MAAS ensuring they provide the new member account identifier, ABN and USI.

    Reporting is required when the account is in accumulation or retirement phase. If the account is in retirement phase, an associated retirement event must also be reported by both the transferring fund and receiving fund.

    • members and their employers should be notified about the SFT by a Significant Event Notification (SEN) so they are aware of the upcoming SFT and of the blackout period impacting processing
    • the transferring fund needs to access Online services for business (OSB) to check member super balances (including credit balances) within ATO systems and to resolve all outstanding transactions prior to an SFT. It is expected that funds reconcile their accounts on a regular basis
    • to view your online statements at a transactional level, select Accounts and payments, then Super fund administration accounts. You can access the USI, super and unclaimed superannuation money (USM) accounts
    • it is also important that all ATO accounts are reconciled prior to an SFT, as there may be data missing affecting payment variation advices, impacting returning money to member accounts. As messages and/or payments may still be required, funds are encouraged to reconcile well before the SFT, to identify any anomalies. Details of accounts can be viewed from OSB
    • contact us for assistance If you are receiving payments from the Small Business Superannuation Clearing House.

    Funds are encouraged to contact our client relationship team for help and support prior to an SFT by lodging an enquiry using the Super Enquiry Service.

    See also

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      Last modified: 10 Dec 2021QC 67509