ROLLOVERS

egg300Once your SMSF is established, you can transfer your existing super benefits to your new fund.

At Super Initiatives we can take care of this process for you or you can handle it yourself.

Most Industry/Retail funds have a generic rollover form on their website. In our experience, many make it pretty hard to find (it is easier to find a “roll in form” than a “roll out form”).

The forms are not difficult to complete but do require certified identification and certain personal details.

Once the form is lodged, the Industry/Retail fund has 28 days to release your money to your SMSF. This is a legal requirement. If you don’t have your money within 28 days, they have no excuse.

Rollover Considerations;

1. Insurance – before you close your existing industry or retail fund you should consider whether you will be cancelling any life, TPD or income protection insurance that you wish to retain.

2. Government workers & previously untaxed funds – if you have worked for the government and your super has previously been paid into a compulsory fund it is unlikely your current superfund has been taxed at 15% on the contributions. If this is the case, you will be charged the 15% tax on rollover to your SMSF. It is not an SMSF “penalty”, you will have to pay this 15% at some point anyway when you access your super.

FOR ASSISTANCE WITH ROLLING OVER YOUR SUPER FUNDS, CLICK HERE