This article will guide you through processing a Div 293 release authority in Simple Fund 360, via SuperStream.
Important: Simple Fund 360 SuperStream integration for release authorities will be fully supported for funds that are using the BGL ESA.
When the election to release money from super has been made to the ATO, the ATO will send the SuperStream release authority request to the ESA provider.
When Notifications are switched on, the following email will be received:
If the fund's ABN is not registered with the BGLSF360 ESA, the release authority will not appear on Simple Fund 360's SuperStream Dashboard.
|From the Main Menu navigate to Connect, select SuperStream Dashboard.|
|Switch to Fund View|
|Select SuperStream Rollovers/Release Authorities|
|Click on the Release Authority Received.|
Review the four sections for completeness. The following information is populated from the release authority request message:
- Member Details
- Transferring Fund Details
- Released Amount Details
- Message Sender Contact Details
Ensure the correct member account is selected/matched for the release authority.
|Date of Birth||Member's DOB.|
|Service period start date||Member's Service period start date.|
|Is the Fund an SMSF?||Automatically selected.|
|Transferring fund name will display.|
|ABN||Transferring fund’s ABN.|
|ESA||Transferring Fund’s ESA.|
|Member Client Id
||Member ID allocated by the fund. Member Client ID is mandatory if the transferring fund is an APRA fund.|
|Released Amount||The released amount is set by the ATO. You can choose to release a lower amount, however, you must specify the reason for doing so.|
|Release Authority Payment Type
One of the following Payment Types will be noted:
|Name, Email Address, Phone Number||This is the contact details of the sender of the current request. All queries related to the release authority (including payments) will be sent to this contact.|
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. An error message will be sent to the ATO.
Once the review has been completed. Select Process and OK.
If choosing to release an amount less than ATO's Released Amount, please select one of the 2 appropriate reasons below:
- Cannot release due to remaining interest is defined benefit or non-commutable.
- Member balance is exhausted.
Upon Save and Submit, a confirmation message including the payment reference number and recipient’s bank account details will be displayed.
You will need to arrange for the trustees to make the payment to the ATO using the payment reference number and bank account details. A confirmation message will also be sent back to the ATO.
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.
The Transaction Status will update to Awaiting ATO Response.
Once the ATO processes the release authority statement successfully. The Transaction Status will update to Release Authority Statement Processed.
The Following Transaction will be created:
48100/MemberCode - Division 293 Tax
94920 - Member Data Clearing Account
Transaction will automatically match when using Bank Data Service.
Rollover Status Details
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.
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.