We note that from 1 October 2021, SuperStream is mandatory for Rollovers In and Rollovers Out of SMSF's. There are very limited circumstances in which manual rollovers can be performed. These include:

• Non-Cash In Specie transfer of assets between Superannuation Funds
• Transfer of funds from one member to another due to a Family Law Superannuation Split Agreement
• The transfer of superannuation from an overseas superannuation fund
• The transfer of funds from one member in Fund A to their spouse in Fund B due to an application for contribution splitting

If the Rollover Out is not excluded per the above, please follow the instructions in this Help Guide article: Initiate Rollover Out (via SuperStream).

How to process a Manual Rollover Out

This page will guide you through processing a member's rollover out to an external super fund.

Please ensure you have run a period update to the day before the Rollover Out. This will ensure that the correct components are calculated for the Rollover Out event. 

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

Basic Details Tab

1. Select the relevant Member using the drop-down
2. Enter Payment Date, in the following date format DD/MM/YYYY
3. Enter Description
4. Enter Condition of Release as 'Rollover'
5. Select Payment Type either 'Full' or 'Partial'. 
6. Go to 'Payee Details' tab

Payee Details

1. Enter the receiving Fund Name
2. Enter Payee ABN, this is the ABN of the fund you are transferring to
3. Enter Payee Spin/USI this is the Unique Superannuation Identifier. This is only relevant to APRA funds and not SMSFs. If the fund you are transferring to is an SMSF you can leave this field blank.
4. Enter Payee Address
5. Enter Member Number
6. Go to 'Payment Details' tab

Payment Details Tab

1. Enter the receiving Gross Payment Amount or the Percentage (being the % of the members balance you are rolling out of the fund.

This will automatically calculate both the Preservation Components (2) and the Taxable Components (3) of the Rollover Out. 

Once this has been completed, you can select Submit. 

Once you have submitted the event you can Generate Rollover Benefit Statement from within the event. This will need to be provided to the receiving fund. 

What's Next?

Learn how to Initiate a Rollover Out (via SuperStream)

Ensure your funds are SuperStream ready with our FAQ's and Checklist