SuperStream extension to SMSF rollovers: auditor reporting obligations

The ATO has given trustees until 1 October 2021 to transition to SuperStream and advised that approved SMSF auditors only need to report contraventions arising from non-compliance with the SuperStream extension to SMSF rollovers, if the rollover is requested on or after 1 October 2021.

The SuperStream rules require trustees to receive rollover requests electronically; validate member details; use the ATO’s electronic services to verify fund and member information, and complete rollovers within 3 business days. A failure by an SMSF trustee to comply with these rules in Div 6.5 of the SIS Regs is a “reportable contravention”. Accordingly, an SMSF auditor will need to obtain sufficient appropriate audit evidence to form an opinion on whether the fund has complied with the rules.

Where a member requests a rollover to or from an SMSF on or after 1 October 2021, and an approved SMSF auditor identifies a contravention of the rules in Div 6.5, the ATO says the auditor will be required to: (i) notify the fund trustees in writing; lodge an Auditor/actuary contravention report (ACR), if the reporting criteria is met; and (iii) modify Part B of the SMSF Independent Auditor’s Report if the contravention is material.