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SMSF rollover alerts introduced

ATO rollover alert

The ATO has added an SMSF alert service to SuperStream that will notify members when a rollover has occurred to further safeguard retirement savings.

The ATO has introduced an SMSF alert service in SuperStream to notify members when a rollover has occurred in an effort to further protect retirement savings.

With SMSF rollovers now included in SuperStream, the ATO will send alerts via email or text message to superannuants when their fund uses the SMSF verification service to authenticate details prior to making a rollover.

“These alerts are being sent to help safeguard your retirement savings and reduce the risk of fraud or misconduct,” the ATO said.

It warned members may receive multiple alerts via email or text message, even when a single rollover action is taken, as funds can actively use the service multiple times when processing a single rollover request.

If an individual receives an alert, but did not make a rollover request, the ATO suggested they contact their existing super fund as a priority as SuperStream rollovers can be processed within only three business days.

But in the circumstance where a member has received an alert and is aware of the rollover request, the ATO said there is nothing else needed to be done.

Initially, funds were required to shift to version three of SuperStream before early March, but those with an SMSF are reminded the transition period has been extended until 30 September after larger organisations advocated for further support.

The ATO has reminded SMSFs they are required to verify information using an electronic service prior to making a rollover under the Superannuation Industry (Supervision) Regulations 1994.

In addition, SMSF members are advised to check the correct mobile phone number and email address have been recorded in the system in order to receive alerts.

The ATO has been issuing alerts via email and text message when certain changes are made to SMSFs since February 2020.

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