Transfer Benefits into SMSF

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.

Cheque Deposits 

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.

Practical considerations

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!!

Moreover, it’s no coincidence that you won’t find a single Retail Super Fund that will transfer your money to your SMSF bank account electronically. This is another way of deterring you from moving your money.

To confirm the statement above, you can phone any retail Superannuation Fund, and they will confirm this. You will see it is easy to put money into a retail superannuation fund, but they make it hard to take money out. For this reason, smart investors want to control their own superannuation funds.

The rollover process might take a few weeks, but it is worth it!!

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