SMSF Rollovers to use SuperStream
From 1 October 2021, rollovers to or from SMSFs will need to use SuperStream.
What is SuperStream?
SuperStream is a payment platform used for digital transactions in the super industry. It is already used by some SMSFs and other large funds and will process rollovers faster and more efficiently.
Will this impact you?
If you wish to rollover funds to or from your SMSF you will need to use SuperStream.
How do I get set up for SuperStream?
You will need an Electronic Service Address (ESA), Australian Business Number (ABN) and make sure your details, including you SMSF bank account, are up to date with the ATO.
If your SMSF is administered by Boyce, you will already have an ESA and are compliant with the new requirements.
Rollovers into your SMSF for new members may take additional time due to compliance and checking requirements. You should contact your Boyce representative to discuss time frames for these.
You can find out more information about these changes and SuperStream here.
Please contact your local Boyce representative for any help or assistance.
