In this edition, we’re diving into four key topics to help you navigate year-end with confidence:

• SuperStream essentials
• Fund wind-ups made simple
• TBAR Console tips and tricks
• Processing contributions the right way

We hope you find these insights helpful as you wrap up the financial year — here’s to a smooth and successful close to FY2025!

SuperStream Processing Queries

Errors when processing the Rollover In/Out

There are two common errors that can occur when initiating the Rollover In/Out from Class:

• We are currently unable to verify the member details with the ATO - please contact Class Support.
• Unable to call ATO verification services - please review the Tax Agent for the Fund

These errors can occur due to issues with your Tax Agent setup in Class or, due to the member details not matching between Class/ATO. 

You can follow the links above to review the Fund and confirm these details. 

Request Rejected

This is not an error in the SuperStream process, this occurs when the fund you are transferring funds to or receiving funds from has rejected the request. 

This rejection message is often accompanied by one of many different messages. These could include (but are not limited to) the following:

• SUPER.GEN.GEN.2 - Unique superannuation identifier (USI) not known to Superannuation entity (ABN)
• SUPER.GEN.RLVR.5 - Rollover Process unsuccessful
• SUPER.GEN.RLVR.6 - Rollover could not be processed due to rules within the Superannuation fund
• SUPER.GEN.RLVR.9 - The account for the provided member identifier has been closed
• SUPER.GEN.RLVR.21 - Member not found with supplied information
• SUPER.GEN.RLVR.22 - No longer a member of Superannuation entity
• SUPER.GEN.RLVR.25 - Unable to verify SMSF information
• SUPER.GEN.GEN.26 - Unable to verify member

While we have some articles in relation to specific errors, the best course of action when a Rollover has been rejected is to contact the external fund to confirm the reason why. 

You can then make the required changes in Class, or alternatively have the external fund initiate this Rollover In/Out from their end. 

Help! I need to delete/change a SuperStream Event that I have processed!

This is quite a common query received by our Support Team here at Class. 

Our Help Guide article can walk you through the steps of what to do in this situation - Delete Incorrect Rollover or Release Authority processed through SuperStream.

Once a SuperStream message has been successfully sent, it cannot be recalled, amended or cancelled. If you can imagine the system like the postal system. Once a letter has been mailed, you cannot retrieve it. 

Generally, the first step we recommend is to contact the external fund and have them reject this Rollover from their end. This will effectively close the workflow. 

If this is not possible, please refer to the article linked above as we may require additional information in order to assist you. 

Deletion of Release Authority Request

With regards to requesting to delete a business event generated by a SuperStream Release Authority, ATO has provided Class with the following instructions:

Once a Release authority is issued to the fund, the fund are obligated under the Release Authority (RA) legislation to

• pay the required amount to the ATO within 10 business days AND
• return the Release Authority Statement to the ATO within 10 business days.

Failure to complete both steps or payment/lodgment outside of the timeframe could be subject to future compliance action and penalties may apply. Funds can refer to: Release authorities.
 
For the Division 293 tax liability, members can choose to lodge an election, pay their assessment by the due date, or do a combination of both. Even if the member has paid the Div293 from their personal funds, where a valid Release Authority has been issued, the fund is still required to respond/pay. Individuals can refer to: Division 293 tax on concessional contributions by high-income earners.
 
Once a successful RAS outbound response (RASOR) message has been supplied, the fund is considered to have complied with returning the RAS statement. There is no agreed system/process in place within the current SuperStream standards to cancel or reverse a Release Authority or Release Authority Statement. Failure to make the related payment, however, is a compliance issue and the SMSF could be subject to future compliance action.

Thank you for your understanding and ongoing support.

Fund Wind up 

For Wind up processing, please refer to our step by step article to assist you on winding up fund in here.  If you encounter any period update errors for wind up, please refer this article to support you on the issue pertaining to the period update for a fund wind up.  Good News! The Electronic lodgment for FY25 is now available since Mon, June 23  when Class releases the new ATO template.

Processing Final Rollover out for Fund Wind Up via SuperStream

When tax refunds are part of the final rollover benefit for a wind-up fund, the SuperStream rollover out request can only be initiated after the tax refunds have been deposited into the fund's bank account.

During the finalization of the fund wind-up financials before submission to the auditor and tax lodgment, there may not be enough cash in the fund to process the final rollover payout if no tax refund has been received. Consequently, a SuperStream rollover out cannot proceed due to the lack of available cash.

Please be aware that the ATO will not cancel the ABN of the SMSF until 28 days after the final return for the winding-up fund has been lodged.

For further guidance on completing the final rollover out for fund wind-up in the described scenario, refer to the following article.

TBAR and Transfer Balance Cap Indexation

Quarterly TBAR lodgments are now due for some clients. To help you stay compliance please refer to our User Guide and a Summary of Knowledge Base Articles for everything TBAR-related in Class- including Transfer Balance Cap Indexation July 2023.

With the June release, Class has updated the system to reflect the FY25 TBAR indexation changes. These update support the new Transfer Balance Account thresholds for FY25. More details are available here. 

To make tracking even easier, The TBAR Console has a column for PTBC "Personal Transfer Balance Cap in the Transfer Balance Account table-helping you quickly identify the differences between TBA and the remaining amount.

Managing Member Contribution

The Contributions Cap console in Class enables you to monitor each member’s contribution caps and Total Superannuation Balance (TSB). 

As we approach financial year-end, you may be implementing a contribution reserve strategy and here is the article on how to process contribution reserve strategy in Class. Once you allocate the June contribution to the next financial year, you must  manually notify to ATO using Request to Adjust Concessional Contribution (from 2015 FY onwards)

If you are planning to process a contribution split from previous financial year contribution, refer to our user guide for detailed instructions

To be eligible to receive contribution split, your spouse must meet the following the conditions either

• Be under their preservation age or
• Be between their preservation age and 65 years, and not retired.

You can download the required form from ATO website here to send to your super fund.

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