From 1 October 2021, you will need to use SuperStream to rollover any money to and from your SMSF and another superannuation fund.
This means that trustees will no longer be able to send a cheque to the receiving fund.
Instead, before trustees can arrange the transfer, they will need to obtain a payment reference number that will be generated by the SuperStream enabled software.
This payment reference number will need to be included in the details of the transfer and will then be matched to the data transfer that occurs via SuperStream.
The SuperStream data and payment standard is part of the Government’s Stronger Super initiative and introduces a streamlined method of sending superannuation payments and associated information electronically.
What must an SMSF have to undertake a SuperStream rollover?
- an electronic service address (ESA)
- an Australian business number (ABN)
- to ensure your SMSF details are up to date, including your SMSF’s bank account, members and trustee details.
From 1 October 2021, you are not able to rollover funds to or from your SMSF if you don’t have an active ESA or your ESA doesn’t provide rollover SuperStream services. .
Make sure your SMSF has an active ESA:
- If you already use SuperStream to receive contributions, or have had an ESA in the past, you should check with your provider that it is still active.
- If you have an active ESA, you will also need to check that your current ESA provider will be providing rollover SuperStream services as well.
Please contact your Accru advisor if you require any assistance with SuperStream rollovers