This article will guide you through processing Rollover and Lump Sum payments, including each condition of release or lump sum payment type available.

Please note that all rollovers dated on or after 1st October 2021 must be processed using Initiate Rollover Out (via Superstream)

When you create the Rollover/ Lump Sum Out event via Match to New by matching off the cash out transaction on Match Transaction screen, the payment date, description and payment amount will be prefilled.

Navigate to Fund Level > Transactions > Member Payments > Rollover/Lump Sum Out

1. Select Member using the drop-down
2. Enter Payment Date in the following date format, DD/MM/YYYY
3. Update Description

Select the Condition Of Release using the drop-down:

Compassionate Grounds
Compassionate Ground - Coronavirus
Contribution Splitting
Death
Family Law Payment
Financial Hardship
First Home Super Saver Scheme
Pay Division 293 Tax
Paying Excess Contributions Tax
Refund for Excess Concessional Contributions
Refund for Excess Non-Concessional Contributions
Refund for Overpayment of Co-Contributions
Rollover
Temporary Incapacity
Terminating Employment >1 July 97, Benefits <$200
Withdrawal of Unrestricted Amount

Compassionate Grounds

After selecting Compassionate Grounds as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Select the Payment Details tab
3. Enter Gross Payment Amount if the Payment Amount selected is 'Partial'
4. Confirm PAYG Withholding amount
5. Click Submit
   
   
   

Compassionate Ground - Coronavirus

The Australian government is allowing individuals financially affected by the Coronavirus to access up to $10,000 of their superannuation benefits in 2019-20 and a further $10,000 in FY2020-21.

This condition of release only available if the date of the lump sum payment date is between 20 April 2020 and 30 June 2021. A member is only allowed to access a maximum of one payment for each of the two financial years (i.e. 2020 and 2021).

1. Select the Member 
2. Enter Payment Date
3. Update Description
4. Select Compassionate Ground - Coronavirus
5. Note that you cannot change these settings
6. Click the Payment Details tab
   
   
   
   
7. Review the Payment Amount (cannot exceed $10,000)
8. Click Submit
   
   
   

Check the payment amount is recorded against the Component from which you want to take the funds.

Contribution Splitting

After selecting Contribution Splitting as the condition of release refer to the following user guide page: How to process a Member Contribution Split in the Fund

Death

This option will not appear unless you have entered a Date of Death under the relevant member's Personal Details section. To complete this follow these steps:

At the fund level navigate to Members > Browse Members > Select the member > Enter Date of death > Save. Then return to the lump sum event and enter a date after the date of death to see this option appear in the drop-down list.

Family Law Payment

After selecting Family Law Payment as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Select Payee Details tab
3. Enter the Payee Details - First Name, Surname and Other Names if any
4. Enter the Payee Address, the address of the person receiving the family law payment
   
   
5. Select Payment Details tab
6. Enter Gross Payment Amount if the Payment Amount selected is 'Partial'
7. Confirm PAYG Withholding amount
8. Click Submit
   
   
   

Financial Hardship

After selecting Financial Hardship as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Select the Payment Details tab
3. Enter Gross Payment Amount if the Payment Amount selected is 'Partial'
4. Confirm PAYG Withholding amount
5. Click Submit
   
   
   

First Home Super Saver Scheme

After selecting First Home Super Saver Scheme as the condition of release:

1. Select the Payment Details tab
2. Enter Gross Payment Amount
3. Click Submit
   
   

Pay Division 293 Tax

After selecting Pay Division 293 Tax as the condition of release:

1. Select the Payment Details tab
2. Enter Gross Payment Amount, being the Division 293 Tax amount paid
3. Complete the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
4. Click Submit
   
   
   

Ensure total Preservation amount equals to total Etp Post 07 amount.

Paying Excess Contribution Tax

After selecting Paying Excess Contribution Tax as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Click the Payment Details tab
3. Enter Gross Payment Amount if the Payment Amount selected is 'Partial'. This amount should be the excess contributions tax paid
4. Complete the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
5. Click Submit
   
   
   

Ensure total Preservation amount equals to total Etp Post 07 amount.

Refund for Excess CC, NC & CC Contributions

After selecting Refund for Excess Concessional Contributions, or Refund for Excess Non-Concessional Contributions, or Refund for Overpayment of Co-Contributions as the condition of release:

1. Select the Payment Details tab
2. Enter Gross Payment Amount, being the excess contribution refunded
3. Complete the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
4. Click Submit
   
   
   

Ensure total Preservation amount equals to total Etp Post 07 amount.

Rollover

Please note that all rollovers dated on or after 1st October 2021 must be processed using Initiate Rollover Out (via Superstream)

After selecting Rollover as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Select Payee Details tab
3. Enter Fund Name
4. Enter Payee ABN
5. Enter Payee SPIN/USI
6. Enter Member Number
7. Enter Payee Address details
   
   
8. Select the Payment Details tab
9. Enter the Gross Payment Amount if the Payment Amount selected is 'Partial'. If the Payment Amount selected is 'Full', the field will automatically default to include the full accumulation balance.
10. Click Submit
    
    
    

Terminal Illness or Injury

After selecting Terminal Illness or Injury as the condition of release:

1. Enter Payment Amount (Full or Partial)
2. Select the Payment Type (Cash or Rollover)
3. Select the Payment Details tab
4. Enter the Gross Payment Amount if the Payment Amount selected is 'Partial'. If the Payment Amount selected is 'Full', the field will automatically default to include the full accumulation balance.
5. Confirm PAYGW amount
6. Complete the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
7. Enter or confirm the ETP Post 07 amounts
8. Click Submit

As per ATO, lump sum payments from a complying superannuation fund made to individuals who are suffering from a terminal medical condition do not have an amount withheld from the payment. You can refer to ATO page for more details.

Temporary Incapacity

After selecting Temporary Incapacity as the condition of release:

1. Enter Payment Amount (Full or Partial)
2. Select the Payment Type (Cash - If the payment was made as a direct payment out of the fund or Rollover - If the payment was rolled over into another fund)
3. Select Etp Calculation Basis (Prescribed, Proportional or User Selected)
   
   
4. Select the Payment Details tab
5. Enter the Gross Payment Amount if the Payment Amount selected is 'Partial'. If the Payment Amount selected is 'Full', the field will automatically default to include the full accumulation balance.
6. Confirm PAYGW amount
7. Complete the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
8. Enter or confirm the ETP Post 07 amounts
9. Click Submit
   
   
   

Ensure total Preservation amount equals to total Etp Post 07 amount.

Terminating Employment >1 July 97, Benefits <$200

After selecting Terminating Employment > 1 July 97, Benefits <$200 as the condition of release:

1. Select Payment Amount (Full or Partial)
2. Select the Payment Details tab
3. Enter the Gross Payment Amount if the Payment Amount selected is 'Partial'. If the Payment Amount selected is 'Full', the field will automatically default to include the full accumulation balance.
4. Confirm the PAYG Withholding amount
5. Click Submit
   
   
   

Withdrawal of Unrestricted Amount

After selecting Withdrawal of Unrestricted Amount as the condition of release:

1. Enter Payment Amount (Full or Partial)
2. Select the Payment Type (Cash - If the payment was made as a direct payment out of the fund or Rollover - If the payment was rolled over into another fund)
   
   
3. Select the Payment Details tab
4. Enter the  Gross Payment Amount if the Payment Amount selected is 'Partial'. If the Payment Amount selected is 'Full', the field will automatically default to include the full accumulation balance.
5. Confirm the PAYG Withholding amount
   Note: There will be no PAYG Withholding if the member is over 60 years of age
6. Enter and confirm the Preservation fields, you will need to enter the total gross payment amount in one or more of the preservation component fields
7. Enter and confirm the ETP Post 07 amounts
8. Click Submit
   
   
   

Ensure total Preservation amount equals to total Etp Post 07 amount.

Generating Rollover/Lump Sum payment Reports

Once processing a Rollover/Lump Sum event, you can generate the minutes or resolutions by navigating to the Basic Details tab.

What's Next?

Learn how to process a Pension Drawdown