If you need to wind up (i.e. close down) the SMSF after completing the roll-out, please follow the process detailed on the Wind Up Overview page.
Otherwise, if you will continue to operate the SMSF while wishing to roll out partial / entire Super Benefits from the SMSF to another Superfund, you may follow the process detailed on this page accordingly.
Factors to consider while rolling out your Super Benefits:
- Clients of ESUPERFUND are permitted to roll over their Super Benefits from their SMSF to another complying Superfund. However, please note that processing a roll-out is administratively burdensome. As such, 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.
- To allow ESUPERFUND sufficient time for processing, it is highly recommended that you plan ahead and submit applications before 31 May of the Financial Year. Applications submitted after 01 June might not be accepted.
- In-specie transfer out of non-cash assets held by SMSF during the roll-out process is not supported by ESUPERFUND. The complexity involved is outside the scope of our offering.
- ESUPERFUND only processes roll-out that is transferred in cash. Please ensure that your SMSF has sufficient cash in the SMSF bank account to transfer Super Benefits via Electronic Funds Transfer (EFT) when we provide EFT instructions. You may need to liquidate some non-cash assets or make additional contributions into the SMSF (subject to meeting the contribution rules and caps) if there is insufficient cash to settle the roll-out.
- Trustee(s) of SMSF are required to comply with the SuperStream rules in Division 6.5 of the Superannuation Industry (Supervision) Regulations 1994 (SISR) when you wish to rollover funds from your SMSF to another Superfund. Failure to comply with SuperStream standards constitutes a breach of the payment standards, which may result in penalties. Accordingly, you must follow the instructions provided by ESUPERFUND when you wish to roll out Super Benefits from your SMSF.
The process to roll out your Super Benefits is detailed below:
Step1:
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.
Step2:
Provide data and transaction details of the current Financial Year via the Interim Checklist
You are required to import the transactions data for manual bank account(s) (incl. CBA Accelerator) / broker account(s) in the required format for the current Financial Year via the Interim Checklist and provide the transaction details by coding all transactions from 01 July of the current Financial Year till present. The Interim Checklist is located on the Client Portal - Checklist page.
Step3:
Make enough pension withdrawals from the SMSF bank account if applicable
If the Member requesting a roll-out has commenced a Pension (i.e. Simple Account-Based Pension or Transition to Retirement Pension) within the SMSF and intends to roll out the entire Pension balance, the Member must first make sufficient cash withdrawals to meet the minimum pension payment requirement for the current Financial Year before rolling out the remaining Super Benefits to another Superfund.
Please note that the minimum pension payment required to be withdrawn by you for the current Financial Year can only be advised after the prior Financial Year's Tax Return has been completed and it will be indicated on the Client Portal - Member Accounts - Pensions - Pension Summary page.
If the roll-out does not involve the full Pension balance (i.e. a partial roll-out or accumulation balance), you may skip this step.
Step4:
Submit a roll-out application to ESUPERFUND
Trustees must submit a roll-out application to ESUPERFUND via the Client Portal Inbox prior to transferring funds from the SMSF bank account to another Superfund. Please select “My SMSF Details (Including Fees)” and then “Wind Up & Rollout” when you create a new query.
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.
You will need to provide ALL the following information at the same time:
1. Advise Member, amount and Receiving Fund details.
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Advise which Member intends to roll out Super Benefits from the SMSF to another complying Superfund.
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Advise whether the roll-out involves an entire or partial transfer of the Member's Super Benefits 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.
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Advise Receiving Fund details:
- APRA Fund: Fund Name, Address, ABN, Unique Superannuation Identifier (USI) & Member Client Identifier.
- SMSF: Electronic service address (ESA), SMSF Bank BSB and Account Number. Please ensure that your Receiving SMSF can be verified via the SMSF Verification Service (SVS). For more information about the SVS, please click here.
2. Provide manual bank / broker account(s) details if applicable.
Account statements detailing the transaction details for your Fund's manual bank account(s) (incl. CBA Accelerator) / broker account(s) from 01 July of the current Financial Year till present / account closure date need to be provided to ESUPERFUND.
If all the SMSF bank / broker accounts are set up by ESUPERFUND and we receive the data automatically, you may skip this requirement.
3. Confirm the market value of the individual assets as of the current date for unlisted investments if applicable.
If your SMSF invests in unlisted investments (e.g. Property, Cryptocurrency, Physical Metals, Managed Funds etc.), you will need to provide the associated documentation evidencing the holding details and market value as at the current date for audit purposes.
If your SMSF does not hold any unlisted investments, you may skip this requirement.
4. Provide legal documentation for relationship breakdown if applicable.
To the extent that you would like to reallocate the Member's Super Benefits within the SMSF or transfer your Super Benefits to a non-member spouse due to relationship breakdown, please provide a copy of the associated legal documentation (i.e. Consent Order / Binding Financial Agreement) specifying the Super Benefits reallocation.
WARNING: Your roll-out application will only be accepted if Steps 1-3 detailed above have been completed and ALL the requested information outlined in Step 4 is provided.
Step5:
ESUPERFUND processes the roll-out application and provides Electronic Funds Transfer (EFT) instructions
Once all the actions detailed above are completed, ESUPERFUND will proceed to calculate your taxation and preservation components and then instruct you to transfer the Super Benefits to the next Superfund via EFT.
We obtain the bank account information of your Receiving Fund from the ATO electronically via the ATO's approved SuperStream Channel according to the Unique Superannuation Identifier (USI) provided by you to our office.
The time frame for processing the application and calculating your taxation and preservation components is usually within 3 business days upon the receipt of ALL the requested information.
IMPORTANT NOTE: You cannot transfer funds until our office has calculated your taxation and preservation components and instructed you to transfer the Super Benefits to the next Superfund.
Step6:
Trustees arrange the transfer of Super Benefits to the next Superfund via Electronic Funds Transfer (EFT)
As the Trustee, you will need to follow the instructions given by ESUPREFUND to arrange the transfer of your Super Benefits from the SMSF bank account to the next Superfund via EFT by yourself. Please note that ESUPERFUND does not have transaction authority to your SMSF bank account and therefore we are unable to make the transfer on your behalf.
Please ensure that your SMSF has sufficient cash in the SMSF bank account to transfer Super Benefits when we provide EFT instructions. You may need to liquidate some non-cash assets or make additional contributions into the SMSF (subject to meeting the contribution rules and caps) if there is insufficient cash to settle the roll-out.
Please take note of the following information when actioning the EFT:
1. You must transfer the exact amount in one single transaction. If the amount exceeds the daily transfer limit of the SMSF bank, you may:
- Contact the SMSF bank directly to increase the daily transfer limit; OR
- Use the EFT Withdrawal option that has no transfer limits allowing you to transfer SMSF monies as required and for larger amounts; OR
- Attend a branch office in person and present your valid ID to enable the transfer. If the SMSF bank account has been set up that requires more than 1 person to sign, then all account holders will need to present with their valid IDs.
2. You must quote the Payment Reference Number (PRN) as advised by ESUPERFUND in the inbox message at both the "Description" and "Reference" fields so the full PRN appears on both the SMSF's bank statement and the recipient's bank statement.
IMPORTANT NOTE: If the amount transferred was different from the amount advised by ESUPERFUND and / or the PRN was not quoted, neither ESUPERFUND nor the Receiving Fund would be able to process the Rollover-out SuperStream message and the Rollover-out process may fail. The worst consequences would be that the Receiving Fund has to reject any funds transferred and return them to the SMSF bank account.
Step7:
ESUPERFUND matches the roll-out transaction
If the amount is paid from the SMSF bank account established by ESUPERFUND within the required time frame, we will be able to track this transaction and automatically match this transaction with the corresponding Rollover-out SuperStream message.
If the amount is paid from a manual bank account (incl. CBA Accelerator), you are required to add this roll-out transaction via the Interim Checklist - Bank page and enter the Payment Reference Number (PRN) at the narration field. The Interim Checklist is located on the Client Portal - Checklist page. This will enable ESUPERFUND to match the transaction with the Rollover-out SuperStream message.
Step8:
ESUPERFUND notifies the Receiving Fund via the SuperStream Channel
Once your Super Benefits have been transferred out and the bank transaction is matched with the Rollover-out SuperStream message, we will notify the Receiving Fund of the payment electronically via the SuperStream Channel.
Step9:
Receiving Fund acknowledges the receipt of the Rollover-out information via the SuperStream Channel
Once the Rollover-out Superstream message is sent, it is the Receiving Fund's turn to verify the message and acknowledge the receipt from their end. Once acknowledgement is received electronically from the Receiving Fund, we will notify you via Inbox. This will conclude the roll-out process.
Step10:
Complete Change of Trustee if applicable
If you wish to be removed as a Trustee / Member of the SMSF after 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.
Special Situation: Roll-out under Family Law Super Splits to a non-member spouse
SuperStream requirements do not apply to Family Law Super Splits. However, you should still follow the Steps 1-4 detailed on this page. You can skip from Step 5 and refer to the following instructions:
1. Please provide the non-member spouse's TFN, full name, residential address, date of birth, phone number and email address.
2. Once all the requested information is provided, ESUPERFUND will calculate your taxation and preservation components of the rollover amount and prepare a hard copy of the Rollover Benefits Statement for you.
3. Once you receive the Rollover Benefits Statement from ESUPERFUND, you will need to sign and forward it to your spouse's Receiving Fund together with a cheque for the 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.
4. A copy of your signed Rollover Benefits Statement and the documentation evidencing the funds have been received by your spouse's next Superfund as a rollover will be required to be provided to ESUPERFUND after Financial Year end as part of the Annual Compliance Process.