Transferring Funds into your SMSF
When your SMSF is set up, you can request your retail Super Fund to roll over your Superannuation balance to the SMSF. The retail fund will have a “Benefit Rollover Request” form that should be completed. You can phone your retail superannuation fund to request the form, or it might be available from their website. Alternatively, you can request this with the ATO Whole of BalanceTransfer form request. The retail super fund will then send you a cheque with a Benefit Rollover Statement.
The retail Super Fund will ask you for details of your SMSF and will issue a cheque payable to your SMSF. They might ask for the SMSF’s ABN (Australian Business Number) and confirmation of Trustees and Beneficiaries in the SMSF before rolling your funds out. Please contact Superannuation Warehouse if you need data from the ATO confirming Trustees and Beneficiaries in your SMSF. We are a registered tax agent and can access this information directly from the Tax Office system. We can also certify this document. This is a free service for our clients.
When filling out the Benefit Rollover Statement, there might be a section asking for a SPIN number. This is n\a for SMSF’s. A SPIN number is a reference between retail super funds for electronic transfer of money. No retail Superannuation Fund will send money electronically to an SMSF. They will always post you a cheque (see reason below).
Please remember to keep the Rollover Statement from the retail fund. This will set out the components of the benefit received. Superannuation Warehouse will ask you for this information at the end of the financial year in order to complete your Member Benefit Statement.
Transferring Funds from an SMSF to a retail Super Fund
You can also send funds as a roll over from your SMSF back to a retail fund. The form to be filled out to be sent from your SMSF to the retail fund is here and and example of how to complete it is attached here.
If you use an online bank e.g. UBank, there is no branch network for cheque deposits. You will, therefore, need to post your cheque to the bank for deposit into your SMSF bank account.
SuperStream is required for rollovers to or from SMSFs
From 1 October 2021, SuperStream is required to make rollovers between SMSFs and retail/industry funds. This is a more efficient practice since the fund can be transferred faster with fewer errors.
To use SuperStream for super benefits rollovers, there are a few things to note:
- The SMSF must have an electronic service address (ESA). To register for an ESA, please see this page
- The SMSF must have their details accurately updated with the ATO including the SMSF’s bank account
Retail superannuation funds do not like rolling money out from their Funds. Although it is legally yours, some Funds make it excessively hard for you to access your money. This is because if they roll money over to your SMSF, they won’t earn a commission anymore, so don’t get disheartened if they make you jump through hoops. However, the new method with SuperStream discussed above is a great way to get the rollover done quicker.
The rollover process might take a few weeks, but it is worth it!!