SuperStream is not a new concept for self managed superannuation funds (SMSFs), however, from 1 October 2021 it will be mandatory for SMSFs to use SuperStream in relation to transfers in and out of the fund. As it is common for SMSFs to be established with members transferring benefits from an APRA regulated fund, registration for SuperStream will become a necessary step of an SMSF set up. Also, the rollover of member benefits out of an SMSF, including when the fund is wound up, will also generally be required to be done via SuperStream.
In this session we will be joined by the Garry Johnston from SuperConcepts to discuss what the extension of the SuperStream rules to rollovers means for SMSFs, including:
- Which SMSF transactions must use SuperStream and the consequences of non-compliance;
- Rolling monies into an SMSF – the SuperStream process;
- Transferring funds out of an SMSF – the SuperStream process;
- Managing SuperStream messaging.
In addition to our technical discussions of the above issues, SuperConcepts will also demonstrate the SuperStream functionality of their SMSF administration platform, SuperMate, in relation to rollovers in and out of an SMSF.
Garry has 20 years’ experience in the accounting and SMSF industry, he has an extensive knowledge of SMSF products, software, administration and accounting. He works closely with clients, taking the time to listen to their business needs and finds a solution within SuperConcepts’ suite of services.
His strong understanding of the issues accountants and SMSF professionals face, stems from the fact that he himself started his career as an accountant, working in business services, audit and SMSF compliance, before specialising in SMSFs. In 2013, Garry became an SMSF Specialist Advisor with the SMSF Association.
This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.