Introducing SMSF rollover alerts
Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF).
With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification service (SVS) to verify the SMSF’s details before making a rollover.
Note that funds may use this service multiple times when actioning a single rollover request, which may result in receiving multiple alerts.
These alerts are being sent to help safeguard retirement savings and reduce the risk of fraud or misconduct.
If a fund receives an alert and is already aware of the rollover request, there is nothing more that needs to be done.
However, if a member didn’t request a rollover to be made to an SMSF, or they want more information, they will need to contact their existing super fund(s) as a matter of priority, as rollovers through SuperStream may be processed in as little as 3 business days.
SMSF limited recourse borrowing arrangements interest rates
The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF would be consistent with the safe harbour terms the ATO will accept for the 2021/22 financial year.
- Real property: 5.10%
- Listed shares or units: 7.10%
Note that these rates are unchanged from those the ATO accepted for the 2020/21 year.
Superannuation is one of those areas that can be compared to a cart on a rollercoaster. Its performance is constantly affected by economic climate and shifting legislation that alters the benefits individuals and businesses can gain from superannuation funds. Read more here or call our SMSF Team on 08 9380 3555.
