As part of the updates required for the SuperStream Rollovers version 3 (SMSF rollovers and electronic release authorities) changes, a new version of the “Request for rollover of whole balance of super benefits between funds” approved form along with its associated instructions have been published by the ATO.
The ATO said the new approved form consolidates and replaces two previous forms, enabling members to request a rollover of their whole super balance to either an SMSF or other eligible super entity.
“The approved form gives the transferring trustee the option to request additional information from the member, including proof of identity documents, to confirm the member’s identity and the SMSF bank account information to confirm the destination of the transfer of super money,” the ATO said.
“This information may assist transferring fund trustees in the management of security and fraud risk in an SMSF rollover.”
The ATO reminded if a trustee requests this additional information, they are reminded that their legislative obligation is to request additional information specified in the approved form within five business days of receiving the rollover request and complete the rollover within three business days of receiving the additional information.
“This approved form may be used by individuals to request the transfer of the whole balance of their super benefits between regulated super funds including SMSFs,” the Tax Office said.
“While this is the approved form, the legislation does not compel your member to complete this form to request a rollover. You can develop your own form which contains the same elements as this approved form.”
The ATO also reminded that the legislation does not prescribe an approved form for partial rollover requests.
“We expect funds will maintain existing practices for members who wish to undertake a partial rollover. You may wish to consider updating your processes to enable you to request the additional information listed above,” the ATO said.
“If the transferring fund trustee deems additional information is required, they must follow the same process as outlined above for transferring whole super balances.”
