TechHub

SuperStream – time to rollover to the new system


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:

  1. Which SMSF transactions must use SuperStream and the consequences of non-compliance;
  2. Rolling monies into an SMSF – the SuperStream process;
  3. Transferring funds out of an SMSF – the SuperStream process;
  4. 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.

About Garry

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.

Mark Ellem
Garry Johnston

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