This article contains information on SMSF SuperStream rollovers and release authorities, including the transactions supported in the upcoming changes.
What is 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. You must use the SuperStream Data and Payment Standards (SuperStream standard) when your member requests a rollover of their member benefits to another super fund. This includes where you are required to roll your member's benefits between APRA-regulated super funds, retirement savings accounts, or self-managed super funds.
All SMSFs administered on Class will automatically be registered with smsfdataflow
This integrated SuperStream solution will be provided as part of your Class Super service at no additional charge.
Class Super users will receive a direct-connect data feed from smsfdataflow so you don’t need to retrieve and load the data. SuperStream data will be loaded overnight, as the data arrives. The data will then be automatically matched with your direct-connect bank transaction feed and the associated journals will be automatically posted.
Can I send rollover details via SuperStream from Class?
Yes. Once the functionality is released by Class, provided the SMSF is managed on Class with the ABN recorded and the ESA (electronic service address) smsfdataflow is being used. Class will provide further communications and instructions once the function becomes available.
When will be the SuperStream Rollover functionality available in Class?
As it is mandatory from 1 October 2021, Class will have the functionality well before the due date.
What are the transactions supported in the upcoming changes via SuperStream?
The update to the SuperStream standard covers these circumstances:
- Rollovers: Transactions between an SMSF and either an APRA Fund or SMSF
- Release authorities: both APRA and SMSF
The SuperStream standard does not apply in these circumstances:
- When rolling to or from a non-complying fund.
- Closed products - a product that doesn't receive any contributions or rollovers, but for which a member’s withdrawal benefit may be rolled over to another super entity.
- Preservation components or asset drawdown for partial rollovers – these are dealt with under the default rules of the fund or instructions from the member.
- Rollover amendments and cancellation – these are managed through other processes between the relevant parties.
- In-specie rollovers – these can be managed through a process agreed between the parties.
- Internal fund rollovers – these can be handled by appropriate accounting and registry entries.
What are the benefits of using SuperStream to handle rollovers?
SuperStream improves the client experience by reducing cost and effort while making it easier to track people’s money. The Standard provides a consistent, reliable electronic method of transacting linked superannuation data and payments. With SuperStream money and data are sent electronically in a standard format.
What transactions are already supported via SuperStream?
- Contributions (APRA and SMSF)
- Rollovers between APRA funds
- Other APRA fund specific Transactions
Will Class automatically create the rollover in or rollover out events once it releases the functionality?
Yes. Similar to the contributions, the successfully processed rollover in or rollover out events will be automatically created once the functionality is released.
What if my SMSF doesn't have an ABN?
If your SMSF doesn’t have an Australian Business Number (ABN), you can register at www.abr.gov.au.
All SMSFs require an ABN to receive contributions employers send using SuperStream. The ABN is used as the super fund identifier to ensure data messages reach the correct fund.
From 1 October 2021, you'll need an ABN to rollover any super money to or from your SMSF.
What information do I need to rollover super money to or from my SMSF using SuperStream?
From 1 October 2021, you'll need to use SuperStream to rollover any super money to or from your SMSF.
To use SuperStream your SMSF will need:
- an ESA that provides rollover SuperStream services
- an ABN
- up-to-date details recorded with us, including your SMSF's unique bank account for superannuation payments.
Given the digital nature of these transactions, you may consider using a tax professional to help you.
Will Class provide the ESA for the SuperStream Rollover service?
Yes, an active SMSF in Class will automatically register for the ESA which will support the SuperStream Rollover service.
What if an active fund in Class uses another ESA e.g. Australia Post and not Class's default ESA.
In this case, Class will not support SuperStream Rollover as it requires Class's default ESA.
What if my ESA doesn't provide rollover SuperStream services?
From 1 October 2021, you won't be 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.
Will Class support all release authorities?
Only certain release authorities will be supported by Class via SuperStream.
You can also refer to the SMSF SuperStream Rollover Readiness Checklist