In the June 2024 FAQ edition, we will cover two key topics: SuperStream and fund wind-up.
This article offers essential insights into handling queries related to SuperStream processing and fund wind-up processing. For further understanding, we recommend exploring our recorded webinars and slideshows on these subjects.
We hope you find this information valuable and wish you a smooth and successful year-end!
SuperStream Processing Queries
Errors when processing the Rollover In/Out
There are two common errors that can occur when initiating the Rollover In/Out from Class:
These errors can occur due to issues with your Tax Agent setup in Class or, due to the member details not matching between Class/ATO.
You can follow the links above to review the Fund and confirm these details.
Request Rejected
This is not an error in the SuperStream process, this occurs when the fund you are transferring funds to or receiving funds from has rejected the request.
This rejection message is often accompanied by one of many different messages. These could include (but are not limited to) the following:
- SUPER.GEN.GEN.2 - Unique superannuation identifier (USI) not known to Superannuation entity (ABN)
- SUPER.GEN.RLVR.5 - Rollover Process unsuccessful
- SUPER.GEN.RLVR.6 - Rollover could not be processed due to rules within the Superannuation fund
- SUPER.GEN.RLVR.9 - The account for the provided member identifier has been closed
- SUPER.GEN.RLVR.21 - Member not found with supplied information
- SUPER.GEN.RLVR.22 - No longer a member of Superannuation entity
- SUPER.GEN.RLVR.25 - Unable to verify SMSF information
- SUPER.GEN.GEN.26 - Unable to verify member
While we have some articles in relation to specific errors, the best course of action when a Rollover has been rejected is to contact the external fund to confirm the reason why.
You can then make the required changes in Class, or alternatively have the external fund initiate this Rollover In/Out from their end.
Help! I need to delete/change a SuperStream Event that I have processed!
This is quite a common query received by our Support Team here at Class.
Our Help Guide article can walk you through the steps of what to do in this situation - Delete Incorrect Rollover or Release Authority processed through SuperStream.
Once a SuperStream message has been successfully sent, it cannot be recalled, amended or cancelled. If you can imagine the system like the postal system. Once a letter has been mailed, you cannot retrieve it.
Generally, the first step we recommend is to contact the external fund and have them reject this Rollover from their end. This will effectively close the workflow.
If this is not possible, please refer to the article linked above as we may require additional information in order to assist you.
Deletion of Release Authority Request
With regards to deleting a business event generated by a SuperStream Release Authority from ATO, the super fund is required to pay and respond to the release authority within 10 days. The fund must release the full amount elected unless the member doesn’t have funds available, is no longer a member, or has funds that cannot be released because they are in a defined benefit interest. If a member disagrees with the ATO’s assessment, they should follow the instructions on the original Excess Determination or Div293 Assessment notice issued prior to the election/release. Therefore Class Support team is not able to delete the Release Authority event in Class.
Once the Release Authority is issued, funds must be paid from the super fund, except for the aforementioned exceptions.
You may consider contacting ATO for a possible workaround.
Processing Final Rollover out for Fund Wind Up via SuperStream
When tax refunds are part of the final rollover benefit for a wind-up fund, the SuperStream rollover out request can only be initiated after the tax refunds have been deposited into the fund's bank account.
During the finalization of the fund wind-up financials before submission to the auditor and tax lodgment, there may not be enough cash in the fund to process the final rollover payout if no tax refund has been received. Consequently, a SuperStream rollover out cannot proceed due to the lack of available cash.
Please be aware that the ATO will not cancel the ABN of the SMSF until 28 days after the final return for the winding-up fund has been lodged.
For further guidance on completing the final rollover out for fund wind-up in the described scenario, refer to the following article.
Fund Wind up
For Wind up processing, please refer to our step by step article to assist you on winding up fund in here. If you encounter any period update errors for wind up, please refer this article to support you on the issue pertaining to the period update for a fund wind up. Also, please note electronic lodgement for FY24 will only available after Friday, June 28 when Class releases the new ATO template.
Webinar and Training
Training:
Class offers a complimentary online course, Class Essentials, covering modules and topics presented in our live training courses. These modules can be attempted in any order, and upon completion, you will receive a certification of achievement.
Webinars:
Date |
Title | Link |
13 Feb 2024 |
4 Steps to Lodgment- Step 1 Data loading |
|
29 Feb 2024 |
Processing Wind Up Fund |
|
14 Mar 2024 |
4 Steps to Lodgment- Step 2 Transaction Processing & Reconciliation (Part 1) |
|
26 Mar 2024 |
Explore Property Processing in Class |
Recorded Webinar |
09 Apr 2024 |
Tax Calculation- Investments Disposal |
Recorded Webinar |
11 Apr 2024 |
4 Steps to Lodgment- Step 3 Reconciliation (Part 2) & Reports |
|
24 Apr 2024 |
4 Steps to Lodgment- Step 4 Year End & Lodgment |
Recorded Webinar |
21 May 2024 | Excel Transaction Loader and Fund Loader | Recorded Webinar |
11 Jun 2024 | Superstream Processing in Class | Recorded Webinar |
Please keep a lookout for our in-app shoutout pop-up notifications detailing how to register for our future webinars.
To view the FAQs newsletters from past months please click here.
As always, you can contact the Class Customer Service team on 1300 851 057, Chat with us via Live Chat, or email us at support@class.com.au