Questions & Answers - Roll Out

ESUPERFUND does not charge fees for processing a roll-out, unless the SMSF is being wound up (i.e. closed down) following the rollover. If you intend to close the Fund, please follow the process outlined on the Wind Up Overview page.

Please note that processing a roll-out is administratively burdensome. For this reason, ESUPERFUND allows only one rollover request per Member per Financial Year.

Requests to roll over Super Benefits multiple times within the same Financial Year will not be accepted.

You can initiate a roll-out by submitting a request to:

• ESUPERFUND via the Client Portal Inbox (preferred way)
• The Receiving Fund
• The ATO online services (only for whole member balance transfers)

Please note that your roll-out application may be rejected if we do not have all the information to calculate your available Super Benefits and taxation and preservation components for roll-out.

ESUPERFUND will calculate your Super Benefits upon the receipt of your roll-out application. The breakdown of taxation and preservation components will be detailed in the Rollover-out message sent via the SuperStream Channel.

Funds transfer is not permitted until ESUPERFUND finalises the roll-out application. Otherwise the transaction may become an illegal early access and this may result in serious tax implications and ATO penalties.

No. Any Super Benefits must be rolled out in the same proportion as the taxation and preservation components of the Member's interests in the SMSF. ESUPERFUND will use the proportioning rule to determine the taxation and preservation components of your rollover amount and notify your Receiving Fund electronically via the SuperStream Channel.

The processing time is usually 3 business days upon receiving ALL the required information from the Trustees.

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.

No. From 01 October 2021, you will need to use SuperStream to rollover any money from your SMSF to another Superfund. The SuperStream standards require funds to be transferred via EFT. This means that Trustees will no longer be able to send a cheque to the Receiving Fund or transfer funds via BPAY.

A special situation applies when Super Benefits are transferred to a non-member spouse's Superfund, such as in the case of a family law split. In these cases, a hard copy of the Rollover Benefit Statement will be prepared, and the transfer of funds may be completed via cheque or other methods accepted by the Receiving Fund.

According to the APRA Fund Unique Superannuation Identifier (USI) provided to our office, we obtain the bank account information of your Receiving Fund from the ATO electronically via the ATO's approved SuperStream Channel.

No. If the amount exceeds the daily transfer limit of the SMSF bank, you may need to increase the daily transfer limit or contact the SMSF bank directly for alternative options such as the EFT Withdrawal option. For CommBank clients, you will need to visit a CommBank branch office in person and present your valid ID to enable the transfer.

You may need to convert some Fund's non-cash assets to cash and then transfer the advised roll-out amount in one single transaction to the Receiving Fund. Alternatively, you may make additional member contributions into the SMSF (subject to meeting the contribution rules and caps).

Please note that we only process roll-out in cash. In-specie transfer out of assets held by the SMSF during the roll-out process is not supported.

Here are some common reasons why we are unable to identify the withdrawal transaction and notify your Receiving Fund:

• You transferred funds from a manual bank account (incl. CBA Accelerator) and the transaction has not been added to the Client Portal - Interim Checklist - Bank page.
• The transaction can be found in the Interim Checklist - Bank page but the bank narration does not display the full / correct Payment Reference Number (PRN).
• Multiple transfers were made instead of a single withdrawal.
• The amount withdrawn from the SMSF bank account was different from the roll-out amount advised by ESUPERFUND.

Please contact ESUPERFUND via the Client Portal Inbox to resolve the issue.

Failure to comply with SuperStream standards constitutes a breach of the payment standards, which may result in penalties. In such cases, the auditor may qualify the SMSF's audit report and lodge an Audit Contravention Report (ACR) with the ATO.

To rectify this issue, please consider the following options:

• If you have met a condition of release, we can treat the transaction as a member withdrawal.
• ESUPERFUND can prepare a Rollover Benefits Statement for you. However, we caution that if a paper-based Rollover Benefits Statement is used to transmit information to the Receiving Fund, your SMSF will still be deemed non-compliant with SuperStream standards as the Transferring Fund.
• You may contact the Receiving Fund and request that the funds be refunded to your SMSF bank account. Once the refund is received, please notify our office. We will then provide guidance on how to reprocess the rollover in accordance with SuperStream requirements.

To avoid these complications, always submit your roll-out application to ESUPERFUND and wait for EFT instructions from our office before transferring any funds from your SMSF to another Superfund.

Once your entire Super Benefits have 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.

A copy of the associated legal documentation (i.e. Consent Order / Binding Financial Agreement) specifying the benefits reallocation within the SMSF is required to be provided to ESUPERFUND when applying for a roll-out. We suggest that you seek external advice from a professional party in relation to the preparation of the legal documentation.