This overview walks through the types of rollovers that can be processed through wrkr as well as the expected rollover timeframes for processing a rollover.
For information regarding processing a rollover please see our Processing Rollovers Walkthrough.
What rollovers can be processed through wrkr?
SMSFs can use the wrkr ESA and the SMSF Hub portal to process rollovers on behalf of their members.
Rollover types that can be processed include:
- An APRA-regulated fund to your SMSF
- Your SMSF to an APRA-regulated fund
- Your SMSF to another SMSF
- Another SMSF to your SMSF
SMSFs can process both full and partial rollovers using the SMSF Hub portal.
A full rollover occurs when all super within a member account is transferred to another superfund. This means there is no super balance left within that account for the member after the rollover – the entire balance has been rolled out to another superfund.
A partial rollover occurs when only a portion of super within a member account is transferred to another superfund. This means that there is a balance left over after the rollover occurs and the SMSF member will hold a membership with both superfunds – the transferring superfund and the receiving superfund. Paying for an insurance premium from the SMSF is an example of a partial rollover to another superfund.
Rollovers where there is no movement of monetary assets (such as in specie transfers), foreign superfund transfers, rollovers to or from a non-complying fund and family law super splitting payments are exempt from being processed by SuperStream. We cannot process rollovers from within the same SMSF between members, where monies are not moving to a different bank account.
Rollover checklist to process a rollover using the wrkr ESA and SMSF Hub portal:
My rollover is between two different complying and regulated superfunds - SMSF or APRA-regulated superfunds.
My rollover will involve the transfer of money from one bank account to another bank account
How long will it take for a rollover to be processed?
It is important for clients to allow sufficient time to ensure the SMSF is configured correctly with the ATO and within the SMSF Hub portal before processing a rollover. Any discrepancies between the ATO and the SMSF Hub will cause the ATO to fail any rollover attempts made. For more information, please see our Getting Started Overview.
Rollovers through SuperStream are required to follow specific guidelines outlined by the ATO to ensure there is a standardized process and level of understanding across superannuation providers. Whilst these guidelines speed up the overall rollover process, there are still verification checks conducted throughout to ensure that there is no fraudulent activity. Ideally, SMSF Trustees will allow for delays in any deadlines they are trying to manage.
Rollover Timeframes:
When rolling out from a superfund, the transferring fund should complete the rollover within 3 business days of receiving the request.
This timeframe relates to:
- the transferring fund receives a request to rollover or transfer the whole or part of a member's withdrawal benefit
- partial transfers, when the transferring fund has received all required information needed to process a rollover and any other information that is reasonably required to verify or process a rollover
The 3 business day timeframe however does not apply until the transferring fund has received all information required to process a rollover. If further information is required to complete the rollover such as identification verification by the superfund, the transferring fund has an additional 5 business days to request this information. Once all required information is received, the transferring fund has another 3 business days to respond to the rollover.