Before transferring your public super to your SMSF seek advice from one of our SMSF Audit Referral Partners, and more importantly one of the first questions our SMSF Audit Refferal Partners will be asking is whether you have life Insurance in your public offer superannuation fund, it is critical that if you do at least the first years premium payments are let in the fund to pay the premium so that you life policy is still in place. Your Insurance Agent will arrange the new life insurance quotes in your SMSF. If you don’t have a Insurance Agent we can arrange this service for your, contact us to refer you to a SMSF Audit Referal Partner near you who can help you. The adsvantages and disadvantages of Insurance in a SMSF <…….read more>.
You (the member rolling over the money) must provide a consent to the trustee and it should be filed for audit purposes.
In regards to Tax, your funds being rolled over will not be subject to tax in your SMSF assuming your old fund is a qualifying super fund.
Your old fund will require a letter from you (the member) requesting that your member entitlements be transferred to your own Super SMSF.
The letter must contain your member account number of your current super account and the name, TFN, and complying statement of your SMSF. The ATO has a register of SMSF’s and your superfund may check the details against this register, if they are not the same the superfund can refuse to transfer the funds, so be sure your details in your letter are consistent with the ATO register if you have a problem. Alternatively you can use the AO portability form, for more info see <ATO-Link>.Your Superfund may also require a form they have produced to be completed before they transfer the funds (Rollover your member account balance).
Your old super fund may require you to complete a form before they release your funds, so best you do this instead of preparing a letter if this is the case.
A Rollover benefit payment form issued by the public offer fund will advise of the important components of the member balance, for example taxable and untaxable components. More on Rollover Payment Forms see <ATO-Link>.
Overseas Superannuation Funds may be able to be transferred to a Complying Australian Superannuation Fund, to read more see the <ATO-Link>, if you received a lump sum in your own name from a foreign fund then the taxing of that weill depend, read more at <ATO-Link>, or contact us to help you.
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