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How to Rollover Your Super via an SMSF Using MyGov: A My SMSF, Step-by-Step Guide

Summary

How to Rollover Your Super via an SMSF Using MyGov: A My SMSF, Step-by-Step Guide

Introduction

Establishing a Self-Managed Super Fund (SMSF) is a significant step towards taking control of your superannuation. One of the initial tasks you’ll need to undertake is rolling over your existing super into your SMSF. Fortunately, this process can be done online through the MyGov portal. This article will provide you with a detailed, step-by-step guide to help you navigate the process with ease.

Prerequisites

Before you begin, ensure that your SMSF is fully compliant and registered with the Australian Taxation Office (ATO). This includes having an Australian Business Number (ABN) and an Electronic Service Address (ESA).

Step-by-Step Guide

Step 1: Login to MyGov

  1. Access your MyGov account by logging in.
  2. If you don’t have an account, create one on the MyGov website and link your SMSF’s ABN in the ATO services tab.

Step 2: Link Your ATO Account

  1. After logging in, link your ATO account to your MyGov account (skip this step if already linked).
  2. To link your ATO account:
    • Click on the ‘Services’ tab.
    • Click on the ‘Australian Taxation Office’ link.
    • Follow the prompts to link your ATO account.

Step 3: Navigate to ‘Manage my Super’

  1. After linking your ATO account, click on ‘Australian Taxation Office’ to access the ATO’s online services.
  2. Locate and click on the ‘Super’ tab, then select the ‘Manage my Super’ option.

Step 4: Rollover Super into Your SMSF

  1. On the ‘Manage my Super’ page, locate the fund you wish to rollover from the list of your existing super funds.
  2. Click on the ‘Transfer Super’ button.
  3. Provide your SMSF details:

    SMSF Rollover Details

  4.  

    Detail RequiredExample
    SMSF’s ABN12 345 678 901
    SMSF’s Bank Account DetailsBank Name, BSB, Account Number
    SMSF’s ESA[Insert ESA Provider]
  5. Choose the amount you wish to rollover (entire balance or a specific amount).

Step 5: Confirm and Submit

  1. Review the entered details for accuracy.
  2. Submit your request after confirming the details.
  3. You will receive a confirmation on your screen, and an electronic receipt will be sent to your MyGov Inbox.

Important Considerations

  • While MyGov simplifies the process of rolling over super into an SMSF, it’s crucial to consider the implications, such as potential fees and loss of insurance coverage.
  • Consult with a financial advisor before making significant changes to your superannuation arrangements.
  • Monitor the progress of the rollover and ensure that your previous super fund has transferred the funds correctly.
  • Your SMSF will typically receive the rollover benefits within three business days, but it can sometimes take longer. Check with your previous super fund if you’re unsure.

 

Table 1: Prerequisites for SMSF Setup

PrerequisiteDetails
Australian Business Number (ABN)Register your SMSF with an ABN through the Australian Business Register (ABR).
Electronic Service Address (ESA)Obtain an ESA to receive contributions and rollovers electronically.

Table 2: MyGov and ATO Account Linking Steps

StepAction
Create MyGov AccountSign up on the MyGov website if you don’t have an account.
Link ATO AccountGo to ‘Services’, click on ‘Australian Taxation Office’, and follow the prompts to link accounts.

Conclusion

By following these steps, you can successfully rollover your super to your SMSF using the MyGov platform. This clear and convenient process puts you in control of your superannuation. Remember to approach the decision to move your super with careful consideration and seek professional advice when needed.

ADDITIONAL INFORMATION:

Contact My SMSF – Contact Us | SMSF Setup, SMSF Accounting and SMSF Loans (mysmsfproperty.com.au)

ATO SMSF Contributions-  ATO Super Rollovers 

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