Draft data and payment standard for SMSF rollovers

The ATO has issued a draft legislative instrument requiring self-managed superannuation funds (SMSFs) to send and receive rollover information and payments using SuperStream from 31 March 2021.

The draft instrument amends the Superannuation Data and Payment Standards 2012 (F2016C01040) (F2016C01040) (the Standard) by extending its application to include:

• rollovers and transfers to and from SMSFs requested on or after 31 March 2021
• release authority requests issued on or after 31 March 2021 by the Commissioner under Div 131 of Sch 1 to the Taxation Administration Act 1953.

The Standard sets out the minimum requirements for payments and information relating to certain transactions within the superannuation system. Trustees are required to deal with payments and information in the manner specified in the Standard to comply with their obligations in Pt 3B of the Superannuation Industry (Supervision) Act 1993.

The amendments bring rollovers and transfers of superannuation relating to SMSFs and release authority requests into the SuperStream framework. The draft instrument also repeals provisions relating to historical transitional arrangements.