This article will guide you through the process of initiating a rollout transaction as the transferring fund and receiving a rollout request from the receiving fund.
Simple Fund 360 SuperStream integration for rollovers are fully supported for funds that are using the BGL ESA.
Important
- Make sure you have completed The Create Entries Process up until a day before the full balance or partial roll out. This will ensure member balances are up to date prior to the rollout.
- Ensure your BGL Software ID is entered into ATO Access Manager for the transferring fund to access ATO’s SVS/SMSFMemberTICK services. This is to verify the receiving fund details and member details match ATO’s records prior to processing the roll out. If you are already using SF360 for Annual Return lodgement, this would have been set up already. We would still recommend you to confirm the setup by checking that the lodging party is set up and the fund is attached prior to making the rollover out of the SMSF.
- The BGL Software ID is unique to the firm and can be found on the Lodging Party screen.
We have three ways that requests can be actioned within Simple Fund 360:
- Initiate roll out transaction as the transferring fund
- Receive rollout request from the receiving fund
- Receive roll out requests from ATO
| From the Main Menu navigate to Connect, select SuperStream Dashboard. | |
| Switch to Fund View. | |
| Select Request a Rollover. | |
| Select Transferring Fund. |
Review the four sections for completeness:
- Member/Beneficiary Details.
- Receiving Fund Details.
- Transferring Fund Details.
- Rollover Transaction Details.
- Message Sender Contact Details.
1. Member/Beneficiary Details:
| Is the Rollover for a member or Beneficiary |
Select the fund Member, or Select Beneficiary if the rollover is a Death Benefit Rollover for a non-member. |
| Member's Name |
Select the correct member and member account for the rollover. |
| TFN |
Member's TFN will populate based on the details entered in the Contacts Screen. If rollover is for a beneficiary, please enter in the beneficiary’s TFN. |
| Date of Birth |
Member’s / beneficiary’s date of birth will populate based on the details entered in the Contacts Screen. |
| Sex |
Member’s / beneficiary’s sex will populate based on the details entered in the Contacts Screen. |
| Address |
Member’s / beneficiary’s address will populate based on the details entered in the Contacts Screen. |
| Service Period Start Date | Member's Service Period Start Date will prepopulate from the member Screen. |
2. Receiving Fund Details:
| Is the Fund an SMSF? | Select the checkbox if the roll in is going to an SMSF. |
|
Name |
Enter Receiving fund name |
| ABN | Enter Receiving fund's ABN. |
| ESA | Enter Receiving Fund's ESA |
| USI |
USI is only applicable for APRA funds and is required if the fund provider has more than one superannuation product. |
| Member Client Id |
Member ID allocated by the fund. Member Client ID is mandatory if the receiving fund is an APRA fund. |
| Bank Account Details |
Bank account details for receiving fund, details must match the ATO records. Note: For APRA funds, ensure the USI has been entered in, for bank details to automatically populate. This is provided by the ATO via the FVS service. Most USIs will be supported under this service, however, in the unlikely event where the service is down or bank details do not populate upon entering USI, users may need to manually enter the bank details in order to proceed. In this case, please contact the APRA fund for these details. |
3. Transferring Fund Details
| Is the Fund an SMSF? | Automatically selected. |
|
Name |
Transferring Fund's Name. |
| ABN | ABN of the transfering Fund. |
| ESA | Transferring funds ESA. |
4. Rollover Transaction Details
| Is the request for the entire balance? | Select this option if the entire balance is being transferred. |
| Insurance details | When the entire balance is being transferred, confirm insurance cover for Death, TDP and Income Protection. |
| Requested Amount |
When the entire balance is not being transferred, input the requested Amount. Ensure member tax and preservation components are correct. |
| If the request a Death Benefit Rollover select the checkbox. | |
|
Death Benefit Tax Code |
Death Benefit Tax Code: This code represents the tax treatment for the superannuation death benefit rollover. P = The dependant is entitled to a concessionally taxed income stream, because the deceased member died aged 60 years or over, and/or the dependant is aged 60 years or over. Q = The dependant is not entitled to a concessionally taxed income stream, because the deceased member died aged under 60, and the dependant is aged under 60. |
|
Recipient Age Category Code |
Recipient Age Category Code: This code represents the age category of the superannuation death benefit rollover recipient. |
5. Message Sender Contact Details
This is the contact details of the sender of the current request. All queries related to the rollover (including payments) will be sent to this contact.
|
Fund Administrator Name, Email Address, Phone Number |
Select the Accountant attached in the Fund Relationship screen. This will then prefill the below name, email address, and phone number of the contact. Alternatively, manually enter the contact details of the sender of the current request. |
To continue select Save and Submit.
Note: Rollover Transactions cannot be edited once sent.
After a rollover request has been sent, it cannot be edited. If the details sent are incorrect, you will have to archive the incorrect transactions first before processing a new rollover.
Upon Save and Submit, a checklist will display to aid and direct you in the Rollover Request process.
- These checklists can be printed by selecting Export to PDF.
Once all checkboxes are selected, click Confirm and submit to continue.
Simple Fund 360 will validate the receiving fund's details and member’s details using ATO’s validation services i.e. SMSF Verification Service (SVS) and SMSFMemberTICK.
Where a verified response is returned by ATO validation services, a confirmation message including the payment reference number and receiving fund’s bank account details will be displayed.
You will need to arrange for the trustees to make the payment to the Receiving Fund using the payment reference number and bank account details. A confirmation message will also be sent back to the Receiving Fund.
Note
The Payment Reference No. must be matched to the Electronic Payment Reference under SuperStream standard.
The Payment Reference No. for the transaction will be saved on the SuperStream Dashboard for future reference.
ATO Validation Errors
ATO validation services could respond with the following validation errors:
- Unable to verify SMSF Member information.
This could be incorrect member details provided or the ATO holds incorrect/out-of-date records.
If you confirm that you have provided the correct details, please advise the member to contact the ATO to resolve the issue.
If you choose to proceed with the rollover, you can use the “Submit Without Validation” option. Please note that manual verification is required in this case.
After resolving the member’s details with the ATO, the rollover request can be re-initiated if required.
- Unable to verify SMSF information.
This could be due to the SMSF receiving fund is not a registered/complying SMSF or the financial institution / ESA details are not matched with ATO’s records.
If you confirm that you have provided the correct details, please advise the member to contact the ATO to resolve the issue.
If you choose to proceed with the rollover, you can use the “Submit Without Validation” option. Please note that manual verification is required in this case.
After resolving fund details with the ATO, the rollover request can be re-initiated if required.
Where the ATO validation services return a verified response, the following confirmation message will be displayed.
Transaction Status will change to Roll Out Transaction Awaiting Validation.
The receiving fund will need to process the message. Click Here for instructions for the Receiving Fund.
Once processed by the Receiving Fund, the following email will be received (only if Notifications are switched on).
The Following Transaction will be automatically created:
| Account: 46000/MemberCode - Transfer out | Dr | |
| Account 94920 (Member Data Clearing Account) | Cr |
Transaction will automatically match when using Bank Data Service.
If transactions do not automatically match or if the bank transaction related to the rollover has been recorded separately, these transactions can be manually matched by selecting each transaction and clicking match:
Alternatively, click into the Superstream transaction and manually change the credit side from 94920/Member Data Clearing Account to 60400/<Bank Account>
From the SuperStream Dashboard, the Transaction Status will automatically update to Roll Out Request Processed.
When Notifications are switched on the following email will be received:
| From the Main Menu navigate to Connect, select SuperStream Dashboard | |
| Switch to Fund View | |
| Select SuperStream Rollovers/Release Authorities | |
| Click on the Roll Out Request Received. |
Review the four sections for completeness. The following information is populated from the SuperStream roll-out request message.:
- Member Details.
- Receiving Fund Details.
- Transferring Fund Details.
- Rollover Transaction Details.
- Message Sender Contact Details.
1. Member Details:
| Member's Name |
Ensure the correct member account is selected / matched for the rollover. |
| TFN | Member's TFN. |
| Date of Birth | Member's DOB. |
| Sex | Member's Sex. |
| Address | Member's Address. |
2. Receiving Fund Details:
| Is the Fund an SMSF? | Selected if the receiving fund is an SMSF. |
|
Name |
Receiving fund name will display. |
| ABN | Receiving fund's ABN. |
| ESA | Receiving Fund's ESA. |
| USI |
USI is only applicable to APRA funds and is required if the fund provider has more than one superannuation product. |
| Member Client Id |
Member ID allocated by the fund. Member Client ID is mandatory if the receiving fund is an APRA fund. |
| Bank Account Details | Bank account details for the fund, details must match the ATO records. |
3. Transferring Fund Details
| Is the Fund an SMSF? | Selected if the transferring fund is an SMSF. |
|
Name |
Transferring Fund's Name. |
| ABN | ABN of the Transferring Fund. |
| ESA | Transferring fund's ESA. |
4. Rollover Transaction Details
| Is the request for the entire balance? |
Selected if the entire balance is being transferred. When selected, the requested amount will appear as zero until selecting process. |
| Requested Amount |
When the entire balance is not being transferred the requested amount will be specified. Ensure member tax and preservation components are correct. |
Once the review has been completed. Select Process and OK.
Proceed to make relevant changes to the Transaction source where required (fields starred in red are mandatory before submitting the request).
Ensure the below details are updated:
| Insurance details | When the entire balance is being transferred, review insurance cover for Death, TDP and Income Protection. |
| Requested Amount |
When the entire balance is not being transferred the requested amount will be specified. Review request amount, please ensure transactions are up to date and create entries has been done prior to rolling out member balance. The tax free / taxable / preservation components are pre-filled by the system based on the selected member account. Please review to ensure that these details are correct. |
| If the request a Death Benefit Rollover checkbox is selected: |
|
|
Death Benefit Tax Code |
Death Benefit Tax Code: This code represents the tax treatment for the superannuation death benefit rollover.
P = The dependant is entitled to a concessionally taxed income stream, because the deceased member died aged 60 years or over, and/or the dependant is aged 60 years or over.
Q = The dependant is not entitled to a concessionally taxed income stream, because the deceased member died aged under 60, and the dependant is aged under 60. |
|
Recipient Age Category Code |
Recipient Age Category Code: This code represents the age category of the superannuation death benefit rollover recipient. |
5. Message Sender Contact Details
| Name, Email Address, Phone Number | This is the contact details of the sender of the current request. All queries related to the rollover (including payments) will be sent to this contact. |
Select Save and Submit.
Where the roll out request cannot be processed, the request can be rejected with one of the appropriate reasons. Please refer to the list of business errors.
After processing the rollout request, on Save and Submit, Simple Fund 360 will validate the receiving fund's details and member’s details using ATO’s validation services i.e. SMSF Verification Service (SVS) and SMSFMemberTICK.
Where a verified response is returned by ATO validation services, a confirmation message including the payment reference number and receiving fund’s bank account details will be displayed.
You will need to arrange for the trustees to make the payment to the Receiving Fund using the payment reference number and bank account details. A confirmation message will also be sent back to the Receiving Fund.
Note
The Payment Reference No. must be matched to the Electronic Payment Reference under SuperStream standard.
The Payment Reference No. for the transaction will be saved on the SuperStream Dashboard for future reference.
ATO Validation Errors
ATO validation services could respond with the following validation errors:
- Unable to verify SMSF Member information.
This could be incorrect member details provided or the ATO holds incorrect/out-of-date records.
If you confirm that you have provided the correct details, please advise the member to contact the ATO to resolve the issue.
If you choose to proceed with the rollover, you can use the “Submit Without Validation” option. Please note that manual verification is required in this case.
The roll out request can be rejected with an appropriate reason. Please refer to the list of business errors for more information.
After resolving member details with the ATO, the rollover request can be re-initiated if required.
- Unable to verify SMSF information.
This could be due to the SMSF receiving fund is not a registered/complying SMSF or the financial institution / ESA details are not matched with ATO’s records.
If you confirm that you have provided the correct details, please advise the member to contact the ATO to resolve the issue.
If you choose to proceed with the rollover, you can use the “Submit Without Validation” option. Please note that manual verification is required in this case.
The roll out request can be rejected with an appropriate reason. Please refer to the list of business errors for more information.
After resolving fund details with the ATO, the rollover request can be re-initiated if required.
Once confirming the request, the transaction Status will change to Roll Out Transaction Awaiting Validation.
The receiving fund will need to process the message. Click Here for instructions for the Receiving Fund.
Once processed from the Fund Rollin In, you will receive the following email notification if notifications are enabled.
The following transaction will be automatically created:
| Account 46000/MemberCode - Transfer out | Dr | |
| Account 94920 (Member Data Clearing Account) | Cr |
Transaction will automatically match when using Bank Data Service.
If transactions do not automatically match or if the bank transaction related to the rollover has been recorded separately, these transactions can be manually matched by selecting each transaction and clicking match:
Alternatively, click into the Superstream transaction and manually change the credit side from 94920/Member Data Clearing Account to 60400/<Bank Account>
From the SuperStream Dashboard, the Transaction Status will automatically update to Roll Out Request Processed.
The process is the same as 2. Receive Roll Out Request from the Receiving Fund.
The status will be:
Note: Messages/Replies cannot be sent to Funds via Simple Fund 360
Correspondence between funds is not currently supported. If you do need to contact a receiving or transferring fund, this will need to be completed outside of the software.
Rollover Status Details
For more information on Rollover Statuses and what action is required at each step, please see the Statuses and Archive Transactions and Reject Request and Business Errors article.
Experiencing Issues?
If the external party is having issues with a Superstream request that had been sent, providing them with the Conversation ID will allow them to look up the status of the request.
Please note that the accountant should only contact the APRA fund if they and the member have NOT heard from APRA for at least 5 days. APRA funds require this turnaround time to process the message.
If there are still ongoing issues, feel free to contact the BGL Support Team and provide the Conversation ID along with a summary of the actions taken so far.
This can be found in the 'Transaction History' of the request.