This page will guide you through initiating a member's rollover into an SMSF from an external super fund.
Rollover In events can be processed two ways:
- Automated process via SuperStream (fund must be using Class' ESA)
- The alternative way is via a Manual Rollover In
We note that from 1 October 2021, SuperStream is mandatory for all Rollovers In and Rollovers Out of SMSF's. There are very limited circumstances in which manual rollovers can be performed, these are discussed in the article Manual Rollover In.
Rollover In from APRA/other SMSF
Step One: Initiate Rollover In
Navigate to Business Level > Transactions > Rollovers & Release Authorities and select Initiate Rollover In
The fields on the page will be displayed progressively as data is entered and the Initiate rollover will not be active until all required data has been entered.
- Search for and select the relevant Class Fund
- Select the relevant Fund Bank Account (this must be the Bank Account recorded by the ATO for the Fund)
- Select the required Member
- Select APRA/SMSF as the fund type for the external super fund
- Enter the ABN of the external fund
- Select the USI (not required for SMSF)
- Enter the APRA Fund Member ID
- Select Rollover Type
- For Partial Rollover enter the Rollover Amount
The status will change to Request Sent and a 'Conversation ID' will be generated in the format Rollover.70116802058.xxxxxxx the transferring fund can use this ID to locate the message if needed.
Step Two: Confirm Payment
The transferring fund will send back confirmation from their end when the payment has been made to the SMSF and the status of the request in the Rollovers & Release Authority screen will change to Unmatched.
Is the amount transferred correct?
- Navigate to the SMSF in Class > Transactions > Match Transactions. Match the relevant Cash Event to the relevant Business Event (automatically created).
- Navigate to the Rollover & Release Authority screen at the Business Level, open the relevant Rollover In request > click on 'Confirm Rollover'.
The status will automatically change to Complete.
- Navigate to the Rollover & Release Authority screen at the Business Level, open the relevant Rollover In request > click on 'Reject Rollover' and choose the correct rejection reason.
The status will automatically change to Rejected.
WARNING: If you have rejected the Rollover, you will need to arrange for the member to return the funds to the APRA fund.
Learn how to Initiate Rollover Out (via SuperStream)
Learn how to process Member Contributions