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Since 1 Oct 2021, Superstream has come into force in relation to rollovers where APRA Funds are concerned. What Supporting evidence are we auditors now looking for? Are Rollover Benefit statements still prepared by APRA funds? i spoke to Colonial first state who said they still prepare them. What about superstream - what specific evidence should we be looking for here?
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Hi Mark
Re rollovers received or paid by a SMSF under Supersteam from 1 October 2021 the audit evidence obtained should be the rollover statement report produced by the SMSF accounting software (eg. BGL or Class).
An extract of an example of the BGL rollover report is below:
It is mandatory for SMSFs to use SuperStream for rollovers to and from Funds from 1 October 2021.
The relevant sections / regulations re the Superannuation Industry (Supervision) 1993 Act are:
• Section 34K – SIS regulations can make provisions regarding data and payment matters
• SIS Reg 6.33 – a member can request a rollover
• SIS Reg 6.33A / 6.34B – information to be given regarding a rollover (re both sides)
• SIS Reg 6.33B / 6.34C – Funds must be able to receive information electronically (re both sides)
• SIS Reg 6.33C – the Trustee must request any further info within 5 days of rollover request
• SIS Reg 6.33D – the Trustee can request proof of member ID within 5 days of rollover request
• SIS Reg 6.33E – the Trustee of transferring fund must check an SMSF rollover request – ABN / regulated / unique super identifier / electronic check of member
• SIS Reg 6.34 – a Trustee must complete a rollover if requested and provide a payment reference number
• SIS Reg 6.34A – a Trustee must complete a rollover within 3 days of request (or 3 days of request for further info received)
• SIS Reg 6.34D – the receiving Fund must allocate rollover to member account within 3 days of receiving the payment
Rollovers must be effected within 3 business days of receiving a valid rollover request, or the trustees could face penalties from the ATO.
The ATO announced temporary measure commencing from 16 March 2022 and that:
• “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”.
• A SMSF trustee “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”.
• An “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.”
This temporary relief “process is available only for rollovers from a SMSF and between SMSFs.” It is expected that the temporary relief will be removed by 31 December 2022.
Thanks
SMSF AAA