Once your SMSF has been established you will be able to transfer your existing super benefits to your new SMSF. The process to do this is as follows:
To transfer your existing super benefits to your new SMSF you will need to find out where your super is currently invested. You should be in receipt of annual statements from your current Superfund which should make this task relatively simple.
When your SMSF has been established ESUPERFUND will provide you the "Final Establishment Package" with all your SMSF Details including ABN, TFN, Bank and Broker details. The "Final Establishment Package" will include Rollover documentation which will be completed for you. You will need to sign the Rollover documentation and provide supporting documentation evidencing the existence of your SMSF. We will advise you what supporting documentation is required and where to find that documentation. Once you have signed the Rollover documentation and collated the supporting documentation required, you will need to forward it to your current Superfund for processing.
Your current Superfund will send you a cheque representing your accumulated Superfund benefits. This cheque will need to be deposited into your Transaction Bank Account. The account details for this Fund will be provided to you by either ANZ or Commonwealth bank directly. Please be aware that in some cases your existing Superfund will send the cheque directly to ESUPERFUND at PO Box 401 North Melbourne, VIC 3051 given that we are listed as the Fund Administrator. This should not cause you any concern as ESUPERFUND receives dozens of cheques daily from existing Superfunds. Please note that immediately on receipt of the Rollover Cheque from your current Superfund, ESUPERFUND will forward the cheque directly to the Transaction Bank for depositing on your behalf. The cheque proceeds will in turn automatically appear in your Transaction Bank Account after several days once the funds have cleared. Please allow at least 7 working days after being informed by your current Superfund that the cheque has been mailed to ESUPERFUND before contacting our office. In most cases the cheque proceeds will have appeared in your Transaction Bank Account by that time.
Once the Rollover proceeds have been deposited into your SMSF Transaction Bank Account you can invest the monies. As a Trustee of your Superfund you will need to make the investment decisions on behalf of your Superfund. For more information on the Investments Allowed under the ESUPERFUND Platform please click here.
Common Queries when completing the Rollover Documentation
To help you with completing the Rollover forms to transfer your existing super benefit to your SMSF, please find detailed below answers to the most common queries we receive from clients:
What is my SPIN or Member Number?
Your SMSF does not have a SPIN Number or Member Number and ideally this field should be completed as "Not Applicable" in the Rollover Form. If however your current Superfund requires this field to be completed, you should answer this question with MEMBER 1 or MEMBER 2 or MEMBER 3 or MEMBER 4 depending on which Member the Rollover relates to. That is if you have setup a SMSF with your Spouse you would be MEMBER 1 and your spouse would be MEMBER 2. It does not matter who you allocate as MEMBER 1,2,3 OR 4 as ESUPERFUND will check which Member the Rollover relates to as part of the annual compliance process.
What is my SMSF SFN?
This number is not relevant and this field should be completed "Not Applicable".
What is my SMSF ABN?
Your SMSF ABN will be issued to your SMSF by the ATO and we will notify you of this number immediately on receipt. As a general guide it can take up to 4 weeks after you have returned the signed setup documentation to our office for the ATO to issue the SMSF ABN. Once your ABN has been issued you can find it on the ABR Register here.
Where is my Rollover Cheque sent to?
In most cases your existing Super Benefit is paid by cheque. The address to send your Rollover Cheque can be your home address or our address (PO Box 401 North Melbourne Victoria 3051). Please be advised that on the ATO ABR Register which records your SMSF details our address is listed as the SMSF's address for correspondence. This is necessary as all tax documentation for your SMSF must come to our office given we are the SMSF's Tax Agent. This documentation is in turn forwarded to you for actioning where required. All non tax documentation will still be sent directly to your home address. Given we are listed on the ATO ABR Register your existing Superfund may insist that the Rollover Cheque is forwarded to our postal address. This is acceptable and we will bank the Rollover Cheque into your SMSF's Transaction Bank Account for you immediately upon receipt.
My Rollover Cheque has been sent to ESUPERFUND. Should I be worried?
Given we are listed on the ATO ABR Register your existing Superfund may insist that the Rollover Cheque is forwarded to our postal address. This is acceptable and we will bank the Rollover Cheque into your SMSF's Transaction Bank Account for you immediately upon receipt. Please be aware that your monies are completely safe as the Rollover Cheque is made in the name of your SMSF and can only be deposited in an account with the name.
What does "Complying Status: Registered - Status not determined" mean?
When you look up the status of your SMSF in the ABR Register the SMSF may be listed as a 'Registered - status not determined' SMSF. This means that your SMSF:
- is registered with an ABN
- is regulated, and
- has not been issued with a Notice of Compliance.
There is no issue with your SMSF having this status. This status means that your SMSF is a Registered Regulated SMSF that can accept Rollovers and Contributions.
What is a Notice (Letter) of Compliance?
Some Superfund's or your Employer may request that you provide a Notice of Compliance before rolling over or contributing to your SMSF. Please note that the Tax Office will only issue a Notice of Compliance after the SMSF has lodged an SMSF annual return and the SMSF's compliance status has been determined. You will still be able to Rollover your Super Benefit or contribute to the SMSF without a Notice of Compliance. If your Existing Superfund advises that a "Notice (Letter) of Compliance is required to Rollover your Super, you must advise them that this is not the case. In the event they continue to refuse to Rollover your Super a complaint must be lodged in accordance with your Existing Superfunds Financial Services Guide (FSG) or directly to the Financial Ombudsman on 1300 78 08 08 or www.fos.org.au.
My existing Superfund is asking for my SMSF Trust Deed. Where can I find this?
In some cases your existing Superfund will request that you provide them with a copy of your SMSF Trust Deed or extracts of that Deed. The SMSF Trust Deed was included in the original documentation provided to you to establish your SMSF and was retained by you. You will need to locate this Trust Deed if requested by your Existing Superfund as only you hold the original Trust Deed. ESUPERFUND does not hold your original Trust Deed or a copy of the Trust Deed.
My existing Superfund is asking for additional information about my SMSF. What should I send them?
When your SMSF has been established, ESUPERFUND will send you a "Final Establishment Package" with all your SMSF Details and a step by step guide on the rollover process.
If your existing SMSF requires additional information/documentation to evidence your SMSF’s compliance status, it can be found by entering your ABN here. A screenshot of the Superfund Lookup page should be sufficient for Rollover purposes. Other required documentation can be found in your Client Portal under the menu tab “Documents”.