The Federal Government has today released draft regulations to extend SuperStream to self-managed superannuation fund (SMSF) rollovers, allowing members to initiate and receive rollovers electronically between their SMSF and an Australian Prudential Regulation Authority (APRA) fund.
Minister for Revenue and Financial Services, Kelly O’Dwyer, cited the benefits of electronic interactions between SMSFs and APRA funds as:
- 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 (ATO) SMSF verification service by APRA funds. This will verify SMSF data provided to APRA funds before a rollover can be processed.
“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,” O’ Dwyer said.
The regulations would apply to SuperStream rollovers to SMSFs or from an SMSF requested from 30 November, 2019.
The Government invited stakeholders to provide feedback on the draft rollover regulations, with the consultation period closing on 3 August, 2018.