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Rollover Relief Expiry: ATO Urges Action by June 30, 2023

No more manual processing of SMSF rollover using paper forms! Starting July 1, SMSF rollovers are to be processed electronically.
June 28, 2023
Rollover Relief Expiry: ATO Urges Action by June 30, 2023

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:

  1. Get your Electronic Service Address (ESA) instantly.
  2. Securely perform rollovers to and from any APRA funds or other SMSFs.
  3. View contribution data and action release authorities.
  4. 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.

For Small Businesses
Quarterly super payments will no longer apply. Under Payday Super, contributions need to be processed each pay run, with payments required to be received by the super fund within 7 business days of payday.

This means super becomes part of your regular payroll process. You’ll need a system that can handle frequent submissions, maintain accurate employee data, and provide visibility over payment status, not just at quarter end.
For Bookkeepers & Accountants
For those managing multiple clients, Payday Super increases both volume and complexity. Instead of quarterly lodgements, super needs to be processed alongside every client pay run.

A centralised approach, with multi-entity access, bulk processing, and clear visibility over submissions, fund receipt, and any issues, becomes critical to keeping things running smoothly.