• Reporting to receiving funds and members

    When you pay a rollover super benefit to another super fund or RSA you must:

    • provide a statement to the receiving fund within 3 days using the SuperStream data and payments standard
    • if the rollover SuperStream standard does not apply to the transaction (for example, because the receiving fund is an SMSF), send a rollover benefits statement (RBS) to the receiving fund within 7 days of paying the rollover
    • provide a statement to the member within 30 days using the RBS, or a similar statement that has the same information.

    You must advise the receiving fund of any changes or omissions in the information you provided to them within 30 days of becoming aware of a material error. You do this by providing a new, corrected statement.

    We may apply administrative penalties if we audit your fund and find that an accurate statement has not been provided to the receiving fund on time.

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    Reporting to the receiving fund

    Generally APRA-regulated super funds and RSA providers must use the SuperStream standard to process:

    • rollover requests between funds
    • rollover transactions between funds (data and payments)
    • rollover-related mistakes.

    However, you use an RBS (or similar statement) instead of the SuperStream standard if:

    • the SuperStream standard doesn't apply to the transaction, including
      • where the receiving fund is an SMSF not subject to the standard
      • when attempts to transmit a message under the standard have been unsuccessful
       
    • you are the trustee of a non-complying fund paying member benefits to another fund or RSA.

    Make sure you use the current version of the RBS form. Do not use the previous version of the RBS (NAT 70944-05.2007) unless you're correcting mistakes in rollovers made between 1 July 2007 and 30 June 2013.

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    Payments that require a statement

    You need to provide a statement to the receiving fund when you pay a rollover or transfer.

    You don’t need to provide a statement to the receiving fund when (for example) you:

    • pay death benefits to a dependant of your 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
    • 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
    • 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 a statement as there is only one trustee involved.

    From 1 July 2015, you don’t need to provide an RBS to your member when a complying super fund is transferring cash or other assets to another complying super fund in a successor fund transfer.

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    If you receive the incorrect RBS form

    The previous version of the RBS (NAT 70944-05.2007) can be used only to correct mistakes in rollovers made between 1 July 2007 and 30 June 2013.

    If a rollover is reported to you using the previous version of the RBS, it is incorrect if:

    • question 15 'contribution amounts' is completed with contributions information, and
    • question 15 'financial year ending' is reported as '30/06/2014' or a subsequent financial year.

    If this is the case, return the RBS to the fund that provided it and advise them that:

    • they have used the wrong form and should use the current RBS form
    • they are required to report all member contributions they received for the member during the financial year, even if the contributions were rolled out to another fund. Current financial year contributions information should not be shown on rollover benefits statements.

    Creating a branded RBS

    We will accept a fund-branded RBS provided it meets the requirements of an approved form. It must include all relevant fields and information.

    For information about creating a branded RBS, email us at SuperCRT@ato.gov.au.

    Last modified: 08 Sep 2015QC 22779