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:
Step1
Find out where your super is currently invested
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.
You may also view details of all your super accounts via your ATO myGov account.
Step2
Request the rollover of your super benefits from another Superfund to the SMSF
There are a few methods available to request the rollover of your super benefits from another Superfund to the SMSF:
Option 1: Submit a Rollover In request via your ESUPERFUND Client Portal (ESUPERFUND’s preferred method).
You may complete and submit a rollover request via your ESUPERFUND Client Portal. Please click here to login to the ESUPERFUND Client Portal and click on ‘Request a Rollover In to your SMSF’ to complete the rollover details and submit the request.
If you are transferring the funds from an APRA Fund, you will need to provide the following details in relation to the Transferring Fund: Fund Name, ABN, Unique Superannuation Identifier (USI) and Member Client Identifier.
If you are transferring from an SMSF, you will need to provide the SMSF’s ABN and the ESA.
Our office will in turn submit the rollover request message via SuperStream to the Transferring Fund, who will process the Rollover request.
Option 2: Contact your existing Superfund to process the rollover.
Transfer whole super balance held with another Superfund to the SMSF:
If you wish to rollover your entire super balance currently held with another Superfund to your SMSF, you can complete the ATO Rollover Form and forward the form to your current Superfund.
You will need to provide the following details in relation to your SMSF on the ATO Rollover Form:
- SMSF Name
- SMSF ABN
- SMSF Bank Account details
- Electronic Service Address (i.e. ESUPERFUND)
The above details in relation to your SMSF can be found on your ESUPERFUND Client Portal here.
The rollover form should be completed and sent to your current Superfund for processing. Please do not return the ATO Rollover forms to ESUPERFUND.
Transfer part of your super benefits held with another Superfund to the SMSF:
If you wish to rollover part of your super balance currently held with another Superfund to your SMSF, please contact the other Superfund, i.e. the transferring fund, directly to submit your rollover request.
You will need to provide the SMSF ABN, SMSF Bank Account details and the Electronic Service Address (ESUPERFUND) to the Transferring Fund as detailed in the previous section.
Option 3: Submit a request to rollover via your ATO myGov account (only works for whole balance transfer).
You may also submit a rollover request via your ATO myGov account. The ATO will in turn send the rollover request message to the Transferring Fund. Under this method, you can only choose to roll over your whole super balance held with the Transferring Fund to the SMSF.
Step3
The Transferring Fund processes the rollover request
It should be noted that the Transferring Fund may require additional information from you, such as a copy of the SMSF bank statement to evidence that the Bank Account is held in the name of the SMSF.
If your SMSF holds an ANZ V2 plus account, you may login to the ANZ Online Banking to obtain the bank statement or contact ANZ on 13 28 33 and quote your account number to obtain a bank statement. If your SMSF does not have any transaction to date, you may provide your ANZ V2 plus account Welcome Letter as the supporting document.
Once the rollover has been processed, the Transferring Fund will deposit the rollover funds via electronic funds transfer (EFT) to the SMSF’s bank account.
Step4
Rollover details are electronically received by ESUPERFUND
The Rollover details will be electronically received by ESUPERFUND via SuperStream and therefore no documentation or information is required from you at financial year end.
Step 5
Invest the monies
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.