SuperStream for SMSF rollovers delayed

Date of article: 29 April 2019
Last updated: 29 April 2019

The extending of SuperStream will allow SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF. Extending SuperStream to SMSF rollovers will:

• 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.

The original date for the commencement is 30 November 2019. The start date has now been delayed until 31 March 2021.

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