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Delayed start to SuperStream rollovers for SMSFs confirmed
With the government confirming that it will proceed with the deferral of SuperStream rollovers for SMSFs from November this year to 31 March 2021, the ATO has said it will continue to engage with its co-design group on these changes.
Last week, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume said the Morrison government would be proceeding with the deferral of the extension of the SuperStream to SMSF rollovers from 30 November 2019 to 31 March 2021, as previously outlined in the federal budget this year.
The government announced a measure in the budget to bring electronic release authorities into SuperStream, and the extension to SMSF rollovers was deferred to March 2021.
Ms Hume said the deferral meant that system changes to update SuperStream would only need to be undertaken once, for both sets of changes.
The extension of SuperStream to SMSF rollovers allows SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF. Currently, only rollovers between APRA funds can be transferred electronically using SuperStream.
The inclusion of release authorities into the SuperStream standard will allow the ATO to send electronic requests to superannuation funds for the release of superannuation, further reducing administrative costs.
Ms Hume confirmed that regulations to give effect to the deferral will be made as soon as practicable.
Prior to the election, the ATO had said it would stick to the original start date for SMSF rollovers in SuperStream, at least until the regulations were updated.
The ATO stated that it would continue “to work towards the current effective start date for SMSF rollovers in SuperStream which is 30 November 2019”.
Responding to this latest announcement by Jane Hume, the ATO said it would “continue to engage with its established co-design group on these changes”.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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