Rolling over your super benefits to your SMSF requires the use of the ESA . The roll in can be initiated immediately upon the completion of all necessary SMSF setup documents, and once the SMSF’s ABN status is confirmed as “complying” or ” registered” on the Super Fund Lookup website.
The following steps should be followed to facilitate a smooth rollover process.
1.Verification of SMSF Details by Your Current Retail or Industry Super Fund
The following information is compulsory for the rollover:
All these information needs to be updated with the ATO as well, ensuring the ATO’s record are kept up-to-date.
2. Information to Include in Your Rollover Form for SMSF:
SMSF name: it is the name of your SMSF, you do not need to include the trustee name.
ABN: ABN can be found in the email sent to you in the setup documents package
Bank Account details: the bank account name should match your SMSF name.
Unique Superannuation identifier (USI): Please write N/A (not applicable).
3. Information to Include in the ESA for Transferring Fund Details:
Superannuation name: input your industry/retail super fund name
ABN: input your industry/retail super fund’ s ABN
ESA: Either select the ESA from the drop-down list or type in the ESA for the transferring fund. Please note we will select this for you if we request our rollover services.
USI: this can be found in your member statement.
Membership Client ID: this is your membership number.
4. Rollover Transaction Details
In this section, you can choose to transfer the entire balance or a specific requested amount.
A partial rollover can be considered if you wish to retain your insurance policies before transferring them to your SMSF.
5. Submission of ID Documents to Your Super Fund
Upon receipt of the rollover form via ESA, your industry or retail fund will typically process the transfer of your member balance to your SMSF bank account in a timely manner. They may also request recent ID documents to verify the transaction.
6. Our Costs
If you request iCare Super to handle the tasks mentioned above, we charge a fee of $110 per rollover to cover our time and effort. The benefits of using our roll-in services include: