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How do I transfer my existing super to my new SMSF?

You can complete our online form to request a transfer of your super to your SMSF. Once received we will initiate your request via super stream.

Super Transfer Form

There are also a few other different methods to transfer funds from your existing superannuation account to your SMSF and they vary based on your current super fund:
- Complete a paper-based transfer / withdrawal form provided by your existing super fund;
- Complete a paper-based standard ATO form (Only use when transferring 100% of your balance)
- Initiate a transfer request online via MyGov > ATO > Superannuation (further information here)

Your existing superannuation fund may enable you to email or upload the transfer request forms and supporting documents such as your identification (often needs to be certified) and a statement or confirmation of the SMSF bank account details.

In most cases your existing superannuation fund will require 100 points of ID such as your drivers licence and passport.

Before deciding to transfer your entire super balance you need to check your insurance cover. The ASIC MoneySmart website specifically states: “Before you leave a fund, check to see if you have any insurance through the fund. This might be life, total and permanent disability (TPD), and/or income protection insurance. If you change funds, you might not be able to get the same cover. Be particularly careful if you have a pre-existing medical condition or are aged 60 or over. If you're not sure, get independent advice from a licensed financial adviser.”

Stake Super has partnered with AGI to provide you with a cost effective replacement insurance option.

Click here to visit AGI and obtain a quote.

If you require further assistance with your insurance needs, we recommend you contact a licensed financial adviser.

 

Do I need to transfer all my super to my SMSF or can I keep an amount in my APRA regulated super fund?

There is no requirement to transfer your entire super balance to your SMSF.

Some people decide to keep a portion of their super in their existing fund separate for their SMSF for reasons such as:

- Maintaining insurance cover under that super fund (Please note that minimum balances and regular contributions may be required to keep the insurance cover active - check with your current super fund for their requirements);

- Their employer provides additional benefits which are not transferrable to an SMSF such as contribution matching, contributions above the mandatory Superannuation Guarantee % or insurance cover paid by the employer through your super account;

- There are specific investments the individual wishes to access via their other superannuation fund;

 

How long does it take for my current super fund to transfer my super to my SMSF?

The time it takes to transfer your super can vary depending on several factors, however on average we estimate approximately 1-3 weeks. Most large super funds require the following documents to be provided to them by its members before they will transfer your super:
- certified copy of ID; and
- a statement or letter confirming the account details of your SMSF.

We recommend contacting your super fund which you are transferring your super from, to find out exactly what their requirements are to help expedite the process.

 

What happens if I set up my SMSF but do not transfer any super to it?

It is the SMSF trustee and member’s decision to transfer any super to their SMSF.

An SMSF only has a requirement to lodge an annual return when it has assets.

If for some reason your SMSF is set up and registered, but it never receives any contributions or transfers, it will not be liable to lodge an income tax return or have any other reporting obligations for the first financial year. The ATO needs to be notified and provided with evidence of the SMSF receiving assets (e.g. a bank statement) in the second financial year - assuming it becomes active in year two.

If the SMSF never becomes active, it’s recommended that the SMSF be de-registered (it can always be re-registered in the future). If this situation applies please email us smsf@hellostake.com.