Clients of ESUPERFUND are permitted to roll over their Super Benefits from the SMSF to another complying Superfund at any time.
We caution however that it is administratively burdensome to process a rollout.
Therefore, clients of ESUPERFUND are only allowed to request roll-out once each Financial Year for the same member.
The process to roll out your Super Benefits is detailed below.
Finalise Annual Compliance Requirements for the prior Financial Year if applicable
If your SMSF is required to lodge a Tax Return for the prior Financial Year, you will be required to submit an Online Checklist via your ESUPERFUND Client Portal.
The Annual Checklist details the information we have for your SMSF and also advises what additional information is required from you.
On receipt of the Annual Checklist Information from you, ESUPERFUND will attend to the Annual Compliance Requirements.
After we have completed the Annual Compliance Documentation for your SMSF, you will be notified to review and sign the Compliance Documentation.
For more information on the Annual Compliance Process, please click here.
If your SMSF is not required to lodge a Tax Return for the prior Financial Year, then you may skip this Step.
Notify ESUPERFUND of your decision to roll out
Once your SMSF’s Tax Return for the prior Financial Year has been completed, please notify ESUPERFUND of your decision to roll out your Super Benefits via the Client Portal Inbox.
You will need to provide ALL the following information at the same time:
1. Advise member, amount and Receiving Fund details.
Advise which member intends to roll out Super Benefits from the SMSF to another complying Superfund.
Advise whether the roll-out involves an entire or partial transfer of the member’s interests in the SMSF.
For an entire transfer, ESUPERFUND will estimate the member’s current balance.
For a partial transfer, you will need to specify the intended roll-out amount.
Receiving Fund details: Fund Name, Address, ABN, Unique Superannuation Identifier (USI) & Member Client Identifier.
2. Provide transactions details for the current Financial Year.
Details of all contributions and the contribution type (i.e. concessional / non – concessional) made by each member to the SMSF since 1 July of the current Financial Year till present;
Details of all rollovers made by each member to the SMSF since 1 July of the current Financial Year till present;
Details of all withdrawals and the withdrawal type (i.e. pension / lump sum) made by each member from the SMSF since 1 July of the current Financial Year till present;
Bank/broker transactions details for all the SMSF bank/broker accounts that are not set up by ESUPERFUND from 1 July of the current Financial Year till present;
Market value of the entire SMSF as at the roll-out date (i.e. the combined value of all the SMSF's assets such as cash, shares, managed funds minus your SMSF's outstanding loan if applicable at the roll-out date).
3. Confirm your decision to roll out on the Trustee Minutes.
All Trustees are required to sign the Minutes to evidence that all parties have agreed on your decision to roll-out your Super Benefits from the SMSF to another complying Superfund. If you are the sole director of your SMSF, then a Trustee Minutes is not necessary.
To download the sample Trustee Minutes, please click here.
IMPORTANT NOTE: You are required to complete Steps 1-2 and provide all the requested information at the same time in your first message to ESUPERFUND via the Client Portal Inbox.
Failure to do so will increase the processing time of your roll-out application.
If all member balance in the SMSF needs to be rolled out to another complying Superfund, the SMSF needs to be wound up. For more information on the wind-up process, please click here.
ESUPERFUND calculates member balances and prepares Rollover Benefits Statements
Upon the receipt of your roll-out request and all of the above-mentioned information, ESUPERFUND will calculate your member balance and prepare a Rollover Benefits Statement for you.
The time frame for preparing the Rollover Benefits Statement is at least one month provided that you have completed Steps 1-2 detailed above.
The cut-off date to accept new rollout application is 31 May to allow ESUPERFUND enough time to prepare the Rollover Benefits Statement by the Financial Year end. Applications received after 31 May might not be accepted or completed by 30 June.
Transfer Super Benefits from the SMSF to the new Superfund
As the Trustee, you will need to arrange the transfer of your Super Benefits from the SMSF bank account to the new Superfund by yourself. Please note that ESUPERFUND does not have transaction access to your SMSF bank account and therefore we are unable to make the transfer on your behalf.
Once you receive the Rollover Benefits Statement from ESUPERFUND, you will need to sign and forward it to the receiving Superfund together with a cheque for your rollover amount. Please contact the SMSF bank directly to issue the cheque.
If you choose to transfer your Super Benefits via Electronic Funds Transfer (EFT) instead of a cheque, you will need to contact the Receiving Fund to confirm whether they can accept the EFT method.
A copy of your signed Rollover Benefits Statement and the documentation evidencing the funds have been received by your next Superfund as a rollover will be required to be provided to ESUPERFUND after Financial Year end as part of the Annual Compliance Process.
IMPORTANT NOTE: You are required to roll over the exact amount that is specified in the Rollover Benefits Statement prepared by ESUPERFUND. Your receiving fund might reject to accept your rollover if the cheque or EFT amount is not matched.
Complete Change of Trustee if applicable
If you wish to be removed as a Trustee/Member of the SMSF after your entire member balance has been rolled out, please click here to complete the "Trustee and Member Changes" Application.
For more information on the Change of Trustee process, please click here.