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SMSF Rollovers via MyGov

SMSF Super Rollovers post 1 October 2021

Welcome to the new and streamlined process for rolling over your super to an SMSF. The days of posting ATO rollover forms and waiting for cheques or electronic fund transfers are over. Now, it’s all digital, though not without its complexities.

New Process Effective 1 October 2021

To roll super benefits in or out of your SMSF, follow these steps:

First Step: Update Your Fund Details

  1. Call the ATO on 13 10 20, option 2.
  2. Provide the following details:
    • Bank Account Details: Name, BSB, and Account Number
    • ESA Provider Details: SUPERMATE (only for super rollovers)

For our Silver & Gold Care clients, we will update the ATO for you, provided we have your TFN and your SMSF Cash Account details.

Next Steps: Choose Option A or B

Option A: Use MyGov

  1. Create or log into your MyGov account.
    • Go to MyGov.
    • Open the Australian Taxation Office page under Your Linked Services.
    • If you haven’t linked your ATO account, do so first.
  2. Transfer Super:
    • Click on the Super tab, select Manage, and then Transfer super.
    • A list of your funds, including ATO-held super with their last reported balances*, will show up.
    • Select the accounts you’d like to transfer from and the account you’d like to transfer to (e.g., from Australian Super to SMSF).

* The balance shown will reflect the balance as of 30th June. It may have changed since. Performing a rollover using MyGov will transfer the actual full balance in the account as of the date of the rollover request.

Option B: Directly Contact Your Super Fund

  1. Fill out the form provided by the super fund you are rolling super OUT of or INTO.
    • Add the SMSF Name (e.g., Sample Super Fund)
    • Fund bank account details: BSB and Account Number
    • Fund Electronic Service Address (ESA)
    • Perform a TFN Check

Critical Details

Ensure the ATO has your ESA provider details and the SMSF’s bank account details. Having an ESA provider that accepts super rollovers is crucial. My SMSF uses SUPERMATE for super rollovers and contributions. Some clients use the Wrkr paid service, which costs $44 a year and is tax-deductible, allowing for super rollovers and contributions.

For existing My SMSF Clients who are receiving contributions, SUPERMATE is active and sufficient to receive contribution notices from your employer. However, SUPERMATE does not provide a contribution login or statement service.

*The balance reflected will show you the balance as at 30th of June, so it may have changed since. Performing a rollover using MyGov will transfer the actual full balance in the account as at the date of rollover request.

B) Go directly to the super fund you are rolling super OUT of or INTO and fill out their form

  1. Add the SMFS Name – Eg:  Sample Super Fund
  2. The fund bank account details, Bsb, Account Number
  3. Add the fund Electronic Service Address ( ESA)
  4. TFN Check

Its critical to ensure that the ATO has your  ESA provider details and the SMSFs bank account details. Having a ESA provider that accepts Super Rollovers is also critical to ensure this process works. My SMSF uses SUPERMATE  for super rollovers and contributions. Some of our clients use the Wrkr paid service which is $44 a year and tax deductible and this service allows super rollovers and super contributions.

For existing My SMSF Clients who are receiving contributions, SUPERMATE is active and sufficient to receive contribution notices from your employer. They however they, do not provide a contribution login or statement service.

Is your SMSF ready for SuperStream?

 

ADDITIONAL INFORMATION:

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

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