Are you ready for the new SMSF rules?

Are you ready for the new SMSF rules?

Alex Burke

As of November 30, SMSF rollovers will come under the SuperStream regime.

SuperConcepts general manager of education and technical services Peter Burgess recently discussed this deadline at an SMSF Association conference in Melbourne, where he noted that “most of us here today have experienced the frustration of rolling over funds from APRA funds to an SMSF – it can often take months to occur.”

He explained that the new regulations will require rollovers to and from SMSFs to comply with SuperStream standards, which means rollovers have to occur within three business days.

But in order for that to occur, he said, the SMSF “must ensure they have provided the ATO with the fund’s bank account details, ABN and Electronic Service Address at least 10 business days before requesting the rollover.”

“A small price to pay you would think to ensure the rollover occurs within three business days,” he added.

Burgess explained these details can be updated through the ATO’s online tax agent portal or by completing paper forms.

According to the ATO, the goal of SuperStream is to ensure money is transferred “consistently across the super system.”

This will enable employers to make contributions in a single transaction, which the ATO argues will make contributions faster and more efficient and will also reduce the number of lost accounts and unclaimed money.

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