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Phuong Hoang Thi Ngo

Apr 01, 2024

No use Super Stream to rollover into SMSF

in SMSF Technical Forum

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

4 comments

Comments (4)

THE AUDITORS INSTITUTE

Apr 03, 2024

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

Phuong Hoang Thi Ngo

Apr 04, 2024

Replying to

Thanks a lot