ATO flags tips on streamlining SuperStream administrative process
The ATO has provided some tips on the approach to resolving SuperStream administrative issues SMSF clients may experience when managing the rollover or release authorities process.
In a recent update, the ATO said there are three common reasons funds may experience a “not verified” response when helping clients with the SMSF Verification process (SVS).
This includes a mismatch between the self-managed super fund (SMSF) or member information and data held by the ATO.
Furthermore, this can happen to newly registered SMSFs without bank account details and to those who have no electronic service address (ESA) enabled for SuperStream rollovers.
These issues are easily resolved by notifying the ATO of changes to SMSF.
“To avoid delays with release authorities (RA) for SMSF, ensure SuperStream rollovers enabled ESA is kept up to date as per requirements of the Australia Business Register law,” the ATO reminded.
“Payment is made to the current ATO SuperStream account using the payment reference number (PRN) that matches with the PRN on the release authority statement.
“Being SuperStream-enabled for rollovers means SMSFs can receive certain release authorities and process inward and outward rollovers electronically.”
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
