Draft regulations released on 17 July 2018 propose to extend SuperStream to SMSF rollovers from 30 November 2019.
To date, only rollovers between two APRA funds can be transferred electronically using SuperStream. This reform will allow SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF.
The Government states the benefits of electronic interactions between SMSFs and APRA funds include:
- reducing compliance costs for SMSF and APRA trustees by reducing current manual, paper based processes;
- expediting rollovers between APRA funds and SMSFs, which can currently take months to action; and
- improving the integrity of the superannuation system with the mandatory use of the Australian Tax Office SMSF verification service by APRA funds. This will verify SMSF data provided to APRA funds before a rollover can be processed.
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Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.