SuperStream for SMSF rollovers officially deferred to 31 March 2021

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The extension of SuperStream to SMSF rollovers has been officially deferred to 31 March 2021, with the making of the required regulations.

SuperStream was to be extended to SMSFs from 30 November 2019. In the 2019/20 Budget it was announced that this start date would be deferred, so that system changes to SuperStream – the SMSF rollovers and including electronic release authorities – would only have to be made once.

At the end of June 2019, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume announced the regulations would be “be made as soon as practicable”. These regulations have now been made: Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019.

The regulations to extend SuperStream to SMSFs were only made in October 2018. When the change was first announced the then-Minister for Revenue and Financial Services, Kelly O’Dwyer, said the Government was “supporting Australians who choose to manage their own superannuation through an SMSF by making it easier for them to roll their existing superannuation funds into an SMSF” and noted that it could currently take months for rollovers to SMSFs.

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