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I am auditing a fund that was wound up as at 30 June 2022. Rollover requests were conducted through superstream. My query is that the rollovers were processed through superstream, but the payment of benefits was not made for up to 3 weeks. Would this be a breach of the benefit payment rules as the payment was not made on the same day the rollovers were processed?
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Hi Lacey
SIS regulation 6.34A(2) states that a trustee must rollover an amount within 3 days of request so on that basis there has been a breach of SIS if it was not made for up to 3 weeks (after the rollover request). That is there has been a breach of SIS Regulation 6.17 (payment of benefits).
I note that the regulations do allow extra time for the rollover to be paid for "illiquid" investments that are part of the member's balance.
The ATO explains the auditor's responsibility with superstream at:
Thanks
SMSF AAA