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Sandeep Dheer

Oct 12, 2023

Rollover In

in SMSF Technical Forum

SMSF has received rollover in for a member and provided the rollover benefit statement.

Do we need to request additional documents to check these rollovers were initiated through SuperStream to comply with SuperStream rules in Division 6.5, which is a contravention of regulation 6.17 of the SISR??

If yes, what audit evidence do we need if they have not used any software to initiate the rollover like BGL,WRKR etc..

1 comment

Comments (1)

THE AUDITORS INSTITUTE

Oct 12, 2023

Hi Sandeep

Yes all rollovers (other than in-specie rollovers or family law super splits) should occur through SuperStream from 1/10/2021.

The ATO had a paper rollover option if the prescribed requirements were complied with from 16/3/2022 to 30/6/2023.

The paper rollover requirements (to 30/6/2023) included:

• “Using a paper form to conduct a rollover outside SuperStream on or after 1 October 2021 without first seeking our approval is a reportable breach of the SuperStream rules”

• “can request to undertake the rollover outside SuperStream. We will confirm over the phone that you can use the paper process used for rollovers prior to 1 October 2021 and make a record of the approval”.

• “auditor will not be required to report a contravention to us where you have received our approval to make the rollover outside SuperStream. This is a temporary measure put in place to help facilitate SMSF rollovers.”

• “process is available only for rollovers from a SMSF and between SMSFs.”

If rollover not correctly done via SuperStream it is a breach of SIS Regulation 6.17.

From ATO auditor compliance guidance:

“It also includes obtaining evidence that the trustees have complied with the SuperStream rules in the SISR for rollovers to, and from, a SMSF from 1 October 2021. A failure to do so is a contravention of regulation 6.17.”

A SMSF receiving a rollover must ensure that:

• where rollover request received by the SMSF from the member, SMSF uses SuperStream to request the rollover from the transferring fund (SIS Reg 6.33A)

• where the rollover made by the transferring fund to the SMSF using SuperStream, the SMSF is able to receive the rollover information and payment electronically (SIS Reg 6.34C)

• the rollover is allocated to member within 3 business days after it is received (SIS Reg 6.34D).

Thanks

The Auditors Institute