When your SMSF is set up, you can request that your retail Super Fund rolls your Superannuation balance over to your SMSF. To do this you’ll need to complete a “Benefit Rollover Request” form. In most cases, you can download the form from your retail fund’s website. If you can’t download it, you can always phone and ask them to send it to you. Alternatively, you can use a Rollover initiation request for SMSF in a standardised format to request the roll over.
The retail superannuation fund will ask you for your SMSF details and issue a cheque payable to your SMSF. They might also ask for your SMSF ABN (Australian Business Number) and confirmation of the SMSF’s Trustees and Members before rolling your funds over. Be mindful, the SMSF must be listed as ‘Registered’ or ‘Complying’ on Super Fund Lookup prior to receiving rollovers from retail superannuation funds. If you need to send the retail fund this data, send them a copy of your SMSF Trust Deed, ABN and TFN details.
When completing the Rollover Benefit Statement, you may come across a section asking you to provide a SPIN number. If you see this, write “N\A” in this section. SPIN numbers do not apply to SMSFs. A SPIN number is a reference number used between retail super funds for the electronic transfer of money and is short for Superannuation Product Identification Number. Retail Superannuation Funds never send money to SMSFs electronically. They always put your cheque in the post (further details below).
Furthermore, your retail superannuation fund may request the Unique Superannuation Identifier (USI) for the Fund. Please note that the USI is the Australian Business Number for your Fund.
Please remember to keep the Rollover Statement that you receive from the retail fund. This sets out the components of the benefit received. Superannuation Warehouse will ask you for this information at the end of the financial year in order to complete your Member Benefit Statement.
You can also send funds as a roll over from your SMSF back to a retail fund. The form you need to fill out and send (from your SMSF to the retail fund) is called a Rollover benefits statement. To download the instructions, click here.
If your Fund has a Macquarie bank account, cheques can be deposited at any NAB branch. For other banks – deposit the cheque at the branch.
From 1 October 2021, SMSFs will need to use SuperStream to rollover super to or from their retail/industry funds.
Things to note when using SuperStream:
Retail superannuation funds may be reluctant to roll your money out of their Funds. Although the money is legally yours, some Funds make it extremely difficult for you to access it. This is because it earns them a commission; a commission they lose if they roll it over to your SMSF. So don’t be put off if they make the process difficult.
Moreover, it’s no coincidence that you won’t find a single Retail Super Fund that will transfer your money to your SMSF bank account electronically. This is another way of deterring you from moving your money.
If you find it hard to believe that a retail superannuation fund would act in this way, phone any one of them and they’ll confirm it. Putting money into a retail superannuation fund is easy, but taking it out is a very different story – that’s why smart investors insist on controlling their own superannuation funds.
From what you’ve read above, you won’t be surprised to learn that the rollover process can take a few weeks, but, in the long run, it’s well worth it!
For more info relating to transfer benefits and roll over, please watch the video below.
For more info about insurance for Members in your SMSF, please follow this link.
You can find and manage your super from all your superannuation providers using myGov as follows:
You can also find your unclaimed super using Australia’s Unclaimed Super Fund, which looks after unclaimed super. See the link here.
A: You can confirm the status of your SMSF details on Super Fund Lookup by entering your Fund’s ABN. From this you can see if your Fund has a ‘Registered’ or ‘Complying’ status.
A: Members of an SMSF can accept contributions from their employers. This is stated in your SMSF Trust Deed on page 16 and 17 under Clause 19 (If the Trust Deed is issued by Superannuation Warehouse when establishing your SMSF).
A: Your employer can deposit your super directly into your SMSFs bank account. You must first provide your employer with the following details for the SMSF Bank Account:
Once your employer has received the above details, they will be able to process super contributions directly into the SMSF Bank Account.
A: If you are the only Member in the Super Fund, your Membership number is 1. If there are 2 Members in the Fund, your Membership number will be 1 or 2. If there are 4 Members in your Fund, your Membership number will be between 1 or 4.