If you’ve chosen to take a hands-on approach to managing your superannuation by establishing a Self-Managed Super Fund (SMSF), one of your initial steps will be to rollover your existing super into your SMSF. This process can be carried out online through the MyGov portal. This article will guide you through the steps to help you navigate the process seamlessly.
A Step-by-Step Guide to Rollover Super to Your SMSF via MyGov
Before we get started, please ensure you’ve set up your SMSF and it’s fully compliant and registered with the Australian Taxation Office (ATO), which includes having an Australian Business Number (ABN) and an Electronic Service Address (ESA).
Step 1: Login to MyGov
Start by logging into your MyGov account. If you don’t have an account yet, you can easily create one on the MyGov website by linking your SMSFs ABN in the ATO services tab.
Step 2: Link Your ATO Account
Once you’ve logged in, link your ATO account to your MyGov account. If it’s already linked, you can skip this step.
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’
After linking your ATO account, click on ‘Australian Taxation Office’, which will take you to the ATO’s online services. Here, find and click on the ‘Super’ tab and then the ‘Manage my Super’ option.
Step 4: Rollover Super into Your SMSF
On the ‘Manage my Super’ page, you will see a list of your existing super funds. Find the fund you want to rollover and click on the ‘Transfer Super’ button.
Now you’ll need to provide your SMSF details:
Enter your SMSF’s ABN.
Enter your SMSF’s bank account details.
Enter your SMSF’s Electronic Service Address (ESA).
Note: My SMSF has updated the ESA details for its members and funds annually.
After entering these details, choose the amount you wish to rollover. You can choose to rollover the entire balance or specify a particular amount.
Step 5: Confirm and Submit
Review the details you’ve entered to ensure they’re accurate. After reviewing, you can submit your request. You’ll receive a confirmation on your screen, and an electronic receipt will be sent to your MyGov Inbox.
While MyGov makes it easy to rollover super into an SMSF, the decision to move your super should not be taken lightly. It’s crucial to consider the implications, such as potential fees and loss of insurance coverage. It’s always wise to consult with a financial advisor before making any significant changes to your superannuation arrangements.
Remember to 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. Always check with your previous super fund if you’re unsure.
By following these steps, you can successfully rollover your super to your SMSF using the MyGov platform. It’s a clear, convenient process that puts you in control of your superannuation.