The Turnbull Government has today released exposure draft regulations to extend SuperStream to Self‑Managed Superannuation Fund (SMSF) rollovers.
“The Turnbull Government is supporting Australians who choose to manage their own superannuation through an SMSF by making it easier for them to roll their existing superannuation funds into an SMSF,” said the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP.
To date, only rollovers between two APRA funds can be transferred electronically using SuperStream. This reform will now allow SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF.
The benefits of electronic interactions between SMSFs and APRA funds include:
- reducing compliance costs for SMSF and APRA trustees by reducing current manual, paper‑based processes;
- expediting rollovers between APRA funds and SMSFs, which can currently take months to action; and
- improving the integrity of the superannuation system with the mandatory use of the Australian Tax Office SMSF verification service by APRA funds. This will verify SMSF data provided to APRA funds before a rollover can be processed.
These Regulations will apply to SuperStream rollovers to SMSFs to or from an SMSF requested on or after 30 November 2019.
The draft Regulations and supporting materials are available on the Treasury website and stakeholders are encouraged to provide their feedback. Consultation will close on 3 August 2018.