Auditor obligations
Superannuation law requires trustee compliance with the SuperStream rollover rules for rollovers requested to and from a self-managed super fund (SMSF) from 31 March 2021.
Certain exceptions apply, including:
- in-specie rollovers
- transfers from foreign super funds
- rollovers from splitting contributions with spouses.
During the compliance audit of each fund, SMSF auditors must form a view about the fund's compliance with regulation 6.17 of the Superannuation Industry (Supervision) Regulations 1994 (SISR). This regulation requires rollovers to comply with the regulations in Division 6.5 of the SISR.
You must report a contravention under regulation 6.17 of the SISR if:
- a rollover is requested from 1 October 2021
- an SMSF does not comply with the rules in Division 6.5 of the SISR when they make or receive a rollover (or attempted rollover)
- the contravention meets the ACR reporting criteria.
To report a contravention of regulation 6.17 of the SISR, follow the ACR reporting criteria.
Audit evidence required
You need sufficient, appropriate audit evidence to form an opinion on whether the fund has complied with SuperStream rules in Division 6.5 of the SISR.
When the SMSF is the transferring fund
You must obtain evidence confirming:
- The SMSF has received the rollover request electronically (regulation 6.33B). The electronic rollover request may have come from the member, receiving fund or the ATO. Evidence could include a
- copy of the member's rollover request
- printout of the 'initiate rollover request' (or equivalent) message from the receiving fund's SMSF messaging provider.
- Trustees requested any required information that was not included in the rollover request within 5 days of receiving the request (regulation 6.33C). Evidence could include
- rollover request details
- the communication sent to the member seeking additional information.
- The SMSF verified certain fund or member details through the SMSF verification service for rollovers between SMSFs (regulation 6.33E).
- The SMSF validated the member's tax file number using the SMSFmemberTICK service for rollovers out of the fund, where applicable.
- The rollover was paid, and information was given to the receiving fund through SuperStream (regulation 6.34). Evidence could include
- bank account and transaction details
- a printout of the 'rollover transaction request' (or equivalent) message from the transferring fund’s SMSF messaging provider
- a payment reference number (PRN).
- The rollover occurred no later than 3 business days after receiving the rollover request or, if applicable, the receipt of any required information obtained from the member after the initial rollover request (regulation 6.34A). Evidence could include
- rollover request details
- bank account and transaction details
- additional information requested and provided.
- The SMSF provided the rollover information (including the PRN) to the receiving fund on the same day the rollover is made and made sure the rollover payment and information matches (regulation 6.34B).
When the SMSF is the receiving fund
You must obtain evidence confirming:
- The SMSF used SuperStream to request the rollover from the transferring fund where the rollover request was received by the SMSF directly from the member (regulation 6.33A). Evidence could include a printout of the 'initiate rollover request' (or equivalent) message from the receiving fund's SMSF messaging provider.
- The rollover was allocated to the member within 3 business days after the fund received the rollover payment and the message contained all the required information to enable the rollover to occur (regulation 6.34D). Evidence could include
- bank or member account and transaction details
- a printout of the 'rollover transaction request' (or equivalent) message from the transferring fund's SMSF messaging provider.
- Where the rollover was made by the transferring fund to the receiving fund, the receiving fund is able to receive the rollover information via their SMSF messaging provider and payment electronically to their account with a financial institution (regulation 6.34C).