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27 May 2021 Superannuation

SuperStream Rollover v3

From 31 March 2021, the SuperStream Rollover message will be extended to include SMSFs and digital release authorities. The transition period for implementation and onboarding to SuperStream Rollover v3 is from 31 March 2021 to 30 September 2021.

The ATO has provided a range of onboarding resources assist APRA-regulated funds and digital service providers (DSPs) in the transition to SuperStream Rollover v3 and SMSF DSPs to implement SuperStream Rollover v3.

The ATO’s resources, including onboarding information, checklists and summaries, can be found here.

SMSF member TICK

SMSF trustees are required to use the SMSFmemberTICK service to verify the member TFN before they can roll out member benefits to another fund.

More information can be found here.

Get an electronic service address

To receive contributions from employers and rollovers from other funds, your SMSF will need a SuperStream electronic service address (ESA). Find out more here.

Where to report contraventions when lodging your ACR

The ATO is finding some auditors are reporting information in Section G of the Auditor/actuary contravention report (ACR) when it should be reported in Section E. It is important to correctly record reportable contraventions when preparing and lodging your ACR in Section E.

More information can be found here.

SMSF quarterly statistical report March 2021

The ATO’s Self-managed super fund quarterly statistical report – March 2021 is now available. It provides the latest statistics on the SMSF sector. Highlights include:

  • There are 597,396 SMSFs.
  • There are 1,120,936 members of SMSFs.
  • The total estimated assets of SMSFs are just over $787 billion.
  • The top asset types held by SMSFs (by value) are listed shares (26% of total estimated SMSF assets) and cash and term deposits (19%).
  • 53% of SMSF members are male and 47% are female.
  • 86% of SMSF members are 45 years or older.

Read the full report for further statistics.


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