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.