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Questions & Answers - Roll Out

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No New Applications from 03 June 2024: We advise that new 2024 FY rollout applications are no longer accepted by ESUPERFUND from 03 June 2024 given the inadequate time left to calculate the member balance available for rollout before 30 June 2024. New rollout applications for the 2025 FY will be accepted from 01 July 2024.

Important Note: We advise that from 1 October 2021, you are required to comply with the SuperStream Standards when you wish to rollover funds from your SMSF to other Superfund. SuperStream is a data and payment standard used for digital transactions within the super industry.

We are currently updating the contents of our website to reflect these changes related to the new SuperStream Standards. In the meantime, if you wish to rollover your super benefits from the SMSF to other Superfund, please confirm the process with ESUPERFUND via the client portal inbox.

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+ What are the costs involved in the roll-out process?

ESUPERFUND does not charge fees for the roll-out service.

We caution however that it is administratively burdensome to process a roll-out. Therefore, clients of ESUPERFUND are only allowed to request roll-out once each Financial Year for the same member.

+ I need to roll out my partial/entire member balance to another Superfund. How can I know my member balance including the taxation and preservation components?

ESUPERFUND will calculate your member balance upon receipt of your roll-out application. Please do not withdraw/transfer money before ESUPERFUND prepares the Rollover Benefits Statement for you. The breakdown of taxation and preservation components will be detailed in the Rollover Benefits Statement.

+ How long does it take for ESUPERFUND to prepare a Rollover Benefits Statement?

The average processing time for the Rollover Benefits Statement is at least one month upon the receipt of all the requested information and provided that your SMSF has no outstanding tax returns for any prior income years. Failure to complete the required steps and provide the requested information may increase the preparation time of the Rollover Benefits Statement.

+ Who will arrange the rollover of my Super Benefits to the next 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.

+ Who will prepare the cheque for my rollover amount?

You will need to contact the SMSF bank by yourself to issue the cheque once you receive the Rollover Benefits Statement from ESUPERFUND. It should be noted that ESUPERFUND does not have the authority to issue cheques for your SMSF.

+ Can I transfer my Super Benefits to the next Superfund 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.

+ How can I remove myself as a Trustee/Member of the SMSF after my entire member balance has been rolled out?

Once your entire member balance has been rolled out, please click here to complete the "Trustee and Member Changes" Application.

For more information on Change of Trustee process, please click here.

+ Can I choose which components of my Super Benefits to be rolled out if I wish to roll out my partial Super Benefits to another complying Superfund?

No. Any Super Benefits must be rolled out in the same proportion as the preservation and taxation components of the member's interest in the SMSF. ESUPERFUND will use the proportioning rule to determine the preservation and taxation components of your rollover amount and prepare a Rollover Benefits Statement for you.

+ What documentation is required if I need to split my Super Benefits with my former spouse due to a relationship breakdown?

A copy of the associated legal documentation (i.e. Consent Order / Binding Financial Agreement) specifying the benefits allocation within the SMSF is required to be provided to ESUPERFUND when applying for a roll-out.

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ESUPERFUND Pty Ltd as Trustee for ESUPERFUND Trust ABN 37 842 535 715

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General Advice Warning

No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.

Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.

Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO Supervisory Levy, Company Trustee Setup Fee (where applicable), and Investment Fees.