Can one use same overall rollout payment reference number for member when overall payment amount limited by bank

Ian Walsh

• 26 November 2024 05:22

In other words can one use same reference payment number for multiple payments to match sum of a rollout, given banks now apply transaction payment limit sizes which often are far less than required rollout singular sum?

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  Christopher Banks

  • 27 November 2024 03:50

  Hi Ian,

  Unfortunately, the ATO requires the rollover data to match the amount in the bank transfer.
  If the rollover is $200,000, the bank transfer must be the full $200,000. Otherwise, multiple rollovers are required if the full amount cannot be processed at once.

  

  Extracted from https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/contributions-and-rollovers/rollovers

  I hope the above answers your post and if there are any further questions please reply to let me know so I may assist further.

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