In a recent online update, the ATO outlined when SMSF auditors should report violations of the SuperStream rollover rules and what evidence is required.
SMSF auditors must report violations of SuperStream rules if the rollover is requested after October 1, 2021 and the violation meets the ACR reporting criteria.
If the auditor identifies non-compliance with Division 6.5 rules and violations of Rule 6.17, the ATO will notify the fund in writing if the reporting criteria are met, report the violations through the ACR in Section E, I said I needed to explain the event. and provide reasons.
Also you need to change part B. SMSF Independent Auditor Report If the violation is serious.
The ATO has said that a violation of any of the SuperStream rules is a violation of Rule 6.17, but does not expect auditors to report all violations for ACR purposes.
If SMSF is the remittance fund
If the SMSF is the remittance fund, the ATO said the auditor must obtain evidence confirming that the rollover request was received by the SMSF if the member made the request through the ATO’s online services. I was. Generate electronic portability forms to funds.
Evidence could include a copy of the member’s rollover request or a printout of a “rollover request initiated” (or equivalent) message from the receiving fund’s SMSF messaging provider, the ATO said. increase.
The auditor will also require proof that the rollover was paid and the information was provided to the receiving funds via SuperStream.
“Evidence could include bank account and transaction details [and] A printout of the “rollover transaction request” (or equivalent) message from the remittance fund’s SMSF messaging provider,” the ATO said.
We also require evidence confirming that the information was provided to the receiving funds via SuperStream.
The ATO also said it requires proof that the rollover occurred within three business days of receipt of the rollover request and, if applicable, additional information necessary to process the request. rice field.
Evidence may include rollover request details, bank account and transaction details, or additional information requested and provided.
When SMSF is the receiving fund
If SMSF is the receiving fund, the auditor must obtain evidence confirming that SMSF used SuperStream to request the rollover from the transferred funds.
Evidence may include the output of a “rollover request initiated” (or equivalent) message from the receiving fund’s SMSF messaging provider.
The ATO also requires proof that the rollover was assigned to a member within three business days after the fund received the rollover payment, and a message containing all the information necessary to make that possible. said.
Evidence may include bank/member account and transaction details, and a printout of a “rollover transaction request” (or equivalent) message from the originating fund’s SMSF messaging provider.
“If the trustee fails to comply with these obligations because the fund does not have an ESA, this is a violation of Rule 6.17 of the SISR. There may be Issues with obtaining an ESA not applicable,” the ATO said.
“The trustee also provided us with an ESA for inclusion in the Superstream Registry, Retirement Pension Industry (Supervision) Act 1993Failure to comply with this obligation is a breach of strict liability. “
The ATO noted that a temporary measure was put in place in income years 2021-22 to facilitate rollovers in the event that the trustee attempts to obtain an ESA but has trouble obtaining it. bottom. Applies only to rollovers from SMSF and rollovers between his SMSFs.
“If the trustee has approved the rollover outside of SuperStream using a paper process, there is no need to report a violation. There is.”
“If the Trustee uses a paper process without our approval, you must report a violation of Rule 6.17. Find out from the Trustee why this happened and include this when filing your ACR. please give me.”
