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  • SMSFs must use SuperStream for rollovers from 1 October 2021

    From 1 October 2021, self-managed super fund (SMSF) trustees must use SuperStream Rollover v3 for any full or partial rollovers (other than in-specie) into or out of the SMSF.

    This will impact your SMSF if your members want to:

    • rollover funds to your SMSF, such as transferring money from any other super fund to your SMSF
    • rollover funds from your SMSF, which includes when you are winding up your SMSF
    • receive and action certain release authorities including first home super saver (FHSS) scheme more quickly via SuperStream

    SuperStream is a data and payment standard used for digital transactions within the super industry. Many SMSFs already use SuperStream for contributions, and large super funds use SuperStream as their primary way to transact with employers, other large funds, and the ATO.

    SuperStream rollovers can be processed faster, more efficiently and with fewer errors.

    To begin using SuperStream your SMSF should:

    • have up-to-date details recorded with us, including its unique bank account for superannuation payments
    • have an ABN
    • check with your SMSF messaging provider to ensure your SMSF electronic service address (ESA) is SuperStream Rollover v3 enabled and provide those details to us if you haven't done so already.

    You can also consider appointing a professional to assist you.

    Requesting a rollover

    Members who wish to roll their benefits to another super fund have a number of options available to them.

    • For requests to rollover part of their super balance, members must make the request directly with either their existing super fund or the fund they wish to roll the benefits to.
    • For a request to rollover their whole super balance, members can choose to:

    To help prevent fraudulent activities when any transferring fund is processing a rollover request, we issue a message via SMS and/or email alerting the impacted member of this.

    It's important your member keeps their details up to date with the ATO to ensure they receive this message.

    Transfers to SMSFs

    Upon receipt of your member's rollover request, the trustee of their transferring fund may request further information to help confirm their identity. They may also be asked to provide information about your SMSF bank account (to confirm the destination of the payment). Their transferring fund may not be able to process their request until this information is provided. This information helps to manage security within the rollover transaction.

    To avoid delays in processing their request, they should have all relevant information ready prior to requesting the rollover.

    See also:

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      Last modified: 15 Sep 2021QC 66797