SuperStream rollovers – issues obtaining an electronic service address?

As a self-managed super fund (SMSF) trustee, you must comply with the SuperStream rules that apply to rollovers to, and from, your SMSF from 1 October 2021.

To comply with these rules and enable rollover data to be sent electronically between the funds via SuperStream, you need to obtain an electronic service address (ESA) from an SMSF messaging provider that offers SuperStream rollover services.

You can find a list of SMSF messaging providers that offer an ESA for SuperStream rollover services on ATO website.

We understand that some SMSF trustees have had issues obtaining an ESA from an SMSF messaging provider to ensure a rollover occurs within the required timeframe of three business days from receipt of all information required to process the request.

If you have attempted to obtain an ESA to make a rollover from your SMSF, or receive a rollover from another SMSF, but you had issues doing so, you can contact ATO on 13 10 20 and select fast key codes 4 then 1 to discuss your options.

The ATO will check if you have a SMSF messaging provider that provides rollover services:

• If you do – ATO will ask you to contact the provider for further assistance.
• If you don’t – you can request to undertake the rollover outside SuperStream. ATO 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. You should let your SMSF auditor know you obtained our approval to make a rollover using the paper process and provide them with the reference number for the call. Your auditor will not be required to report a contravention to us where you have received approval to make the rollover outside SuperStream. This is a temporary measure put in place to help facilitate SMSF rollovers.

Using a paper form to conduct a rollover outside SuperStream on or after 1 October 2021 without first seeking ATO’s approval is a reportable breach of the SuperStream rules. In lodging an Auditor/actuary contravention report, your auditor should tell ATO the reason(s) why the rollover was conducted outside SuperStream, so that ATO can take this into account when risk assessing the fund and deciding whether to apply penalties.

Where ATO can see the SMSF trustee has had issues obtaining an ESA they are unlikely to impose penalties for non-compliance with the SuperStream rules.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.