Based on an update this week on the ATO’s website, the SMSF messaging service provided by Australia Post now also covers SuperStream rollovers.
In order to comply with the latest SuperStream rules in place since 1 October last year, SMSF trustees are required to obtain an electronic service address (ESA) from an SMSF messaging provider that offers SuperStream rollover services.
Up until this week, only the three major SMSF administration and compliance platform providers and one other non-admin platform provider offered this service.
The ATO’s register of SMSF messaging providers that provide an ESA for rollovers and release authorities has now been updated to include Australia Post, giving SMSFs that are not on one of the major administration platforms another option for these services. Australia Post’s status was previously listed as “in progress”.
DBA Lawyers director Daniel Butler previously noted that the lack of ESA messaging providers that could provide SuperStream rollover services had created a very difficult situation for many SMSFs with “pressing needs to complete SMSF to SMSF rollovers”.
The ATO also announced temporary relief in March to address the difficulties that some SMSF trustees have encountered in obtaining an ESA from an SMSF messaging provider.
SMSF trustees without an SMSF messaging provider that provides rollover services can contact the ATO to make a request to perform the rollover outside of the SuperStream system.
Glad AusPost made it to the list. Choice is important for consumers.
Underlying this the fact remains: For the million SMSF’s out there we are 5 options for SuperStream Compliance. That is a very poor offering thanks to an overly complex system.
Agreed. Obviously the ATO/government has overstepped in requiring superstream as the only option when the paper form with check system was working just fine. Superstream is fantastic when it works but it has so many issues. EG a recent rollout, the bank used the wrong PRNs. Luckily the client was able to get their rollover fund to match it anyway but what a PITA. Another rollover to an SMSF took months because their rollover fund couldn’t validate their details. We worked it out in the end but it took ages to work out what was causing the issue. I’m still not 100% sure what the issue turned out to be! Once the kinks are worked out, it will be better but really should have been better tested BEFORE compulsory adoption.