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The member did rollover from AustralianSuper into SMSF 20K in March 2023 without via SuperStream. SMSF does not has ESA. Is the receiving fund really also need to have ESA when rollover- in ?
I am wondering that whether auditor have to submit breach Reg.6.17 to ATO as 20k that below 30K.
Could you please give me your ideas?
Many thanks
I often see rollovers to funds that don't apparently have an ESA. In my opinion, this results in insufficient audit evidence to confirm SuperStream compliance for Reg. 6.17. Technically it is not evidence of a breach of SuperStream rules, but rather insufficient evidence to confirm compliance. In my opinion it warrants a qualification of the audit report due to insufficient evidence. An ACR is required when you have identified a contravention has, or may have occurred and it meets the reporting criteria.
Hi Phuong
Rollovers are covered by the SuperStream rules since 1 October 2021 other than in relation to family law superannuation splits or in-specie rollovers.
There was also an exception for paper rollovers between SMSF's from 16 March 2022 to 30 June 2023 if certain conditions were met.
I have not seen a rollover to a SMSF from a non SMSF not done via SuperStream. It would be great to see if other forum members have seen such rollovers not done via SuperStream and why they were able to be done this way.
In your example as the rollover is less than $30,000 you may not have to lodge an auditor's contravention report (after following the ACR instructions).
Thanks
The Auditors Institute