We've put together this detailed checklist to help you prepare for the new Self-managed super fund (SMSF) SuperStream Rollover and Release Authorities (RA) process that is compulsory from 1 October 2021.
Ensure the SMSF has a valid Australian Business Number (ABN).
Check Fund Details > ABN against the ABN Lookup site.
Make sure the SMSF has a Complying or Registered status.
Check the status of the fund via Superfund look up and type in the ABN of the SMSF.
Ensure the details of the SMSF in Class are accurate and up-to-date, as recorded with the ATO, including the SMSF's bank account:
If any of above details need to be updated, refer to Changes to your SMSF to notify the ATO. If you are the registered tax agent for the SMSF, you can update the SMSF details via Online Services for Tax Agent.
Make sure the SMSF in Class uses smsfdataflow as the default ESA.
While it is not compulsory to use smsfdataflow as your preferred ESA message provider, if you want to take advantage of the automation built-in Class for the new Rollover / RA process via SuperStream, you must use smsfdataflow as the ESA. Refer to step 3 to update your ESA details.
Please Note : Class is currently working with the ATO and APRA funds to build the new Rollover and Release Authority process via SuperStream, the functionality will be provided to all Class users shortly.