The Morrison Government is proceeding with the deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021.
As part of the 2019-20 Budget measure to bring electronic release authorities into SuperStream, the extension to SMSF rollovers was deferred to March 2021.
This deferral means that system changes to update SuperStream will only need to be undertaken once, for both sets of changes.
The deferral reduces administrative costs for funds and allows for a more integrated design of SuperStream.
The extension of SuperStream to SMSF rollovers allows SMSF members to initiate and receive rollovers electronically between an APRA fund and their SMSF. Currently, only rollovers between APRA funds can be transferred electronically using SuperStream. The inclusion of release authorities into the SuperStream standard will allow the ATO to send electronic requests to superannuation funds for the release of superannuation, further reducing administrative costs.
The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume, said, “These changes will streamline the way that users interact with the superannuation system, reduce costs and improve the efficiency of the system, which will ultimately benefit members.”
Regulations to give effect to the deferral will be made as soon as practicable.