SMSF Super Rollovers post 1 October 2021
Welcome to a brand new process for rolling over your super to an SMSF, as gone are the days of posting a ATO rollover form and waiting for a cheque or a electronic transfer of funds. Its all digital now and not without its complexities.
From 1 October 2021, to roll super benefits out of your SMSF you need to choose one of the following options
First Step: call the ATO on 13 10 20 and update your funds:
- Bank Account Details – Name, Bsb & Account Number
- ESA Provider Details – BGLSF360 ( only for super rollovers)
for all Silver & Gold Care clients we will update the ATO for you, provided we have your TFN and you provide us with your SMSF Cash Account details.
NEXT you can choose from option A or B
A) go directly to MyGOV if you have an account set up or follow the instructions below
Here is how you can do it:
- Go to MyGov and log in.
- Open the Australian Taxation Office page under Your Linked Services (If you haven’t linked your ATO account then you’ll need to do this first).
- Click on the Super tab, select Manage and then select 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 (i.e. from Australian super to SMSF )
*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
- Add the SMFS Name – Eg: Sample Super Fund
- The fund bank account details, Bsb, Account Number
- Add the fund Electronic Service Address ( ESA)
- 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 BGL ( BGLSF360 ) for super rollovers and GBST – mysmsfmailbox for Super contributions. The latter is still implementing its super rollover functions in 2022. 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, the GBST MySMSFMailbox, is active and sufficient to receive contribution notices from your employer.