From 1 October 2021, SMSFs will need to comply with the SuperStream rules when processing rollovers into or out of the SMSF. SuperStream is a standard for processing data and payments electronically within the superannuation industry.
SMSFs are required to process rollovers within three business days of receiving the rollover or transfer request. To use SuperStream, an SMSF will need the following:
- an ESA
- an ABN
- up-to-date details recorded with the ATO including the Fund’s unique bank account for superannuation payments
For more information on SuperStream, please see here.