No more manual processing of SMSF rollover using paper forms! Starting July 1, SMSF rollovers are to be processed electronically.
Since October 1, 2021, the Australian Taxation Office (ATO) made it mandatory for Self-Managed Superannuation Funds (SMSFs) to manage rollovers electronically using SuperStream. To comply with this requirement, SMSFs must obtain an Electronic Service Address (ESA) from an SMSF messaging provider providing rollover services.
Due to some SMSFs having difficulties acquiring an ESA, preventing them from conducting rollovers, the ATO granted temporary relief in March 2022, allowing rollovers to be processed using paper forms if certain conditions were met.
This rollover relief is ending on June 30, 2023. From July 1, 2023, all SMSFs will need a SuperStream-compliant ESA to conduct rollovers to and from an APRA-regulated fund or other SMSFs.
What is Wrkr SMSF Hub
Wrkr SMSF Hub is an ATO-registered ESA Provider helping trustees, accountants, financial advisors, and tax agents to manage SMSF Rollovers, Contributions, and Release Authorities in one secure platform.
What you can do with Wrkr SMSF Hub
With one login, you can:
- Get your Electronic Service Address (ESA) instantly.
- Securely perform rollovers to and from any APRA funds or other SMSFs.
- View contribution data and action release authorities.
- Download contribution and rollover reports for your advisers, accountants and auditors.
Get your ESA today! Sign up here.
For Accountants and Advisors, please contact us to know more.
