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
- ESA Provider Details – BGLSF360 ( only for super rollovers)
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
- Add the ATO as a linked service provider. Then under ‘Your Linked Services’ open the ATO page
- Click on the SUPER tab and select MANAGE and then select TRANSFER SUPER
- A list of your super funds will appear. Now select the fund you want to transfer out from to your SMSF
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 ) Macquarie Bank ( MacquarieSMSF). The latter is still implementing its super rollover functions in 2022.
For existing My SMSF Clients who are receiving contributions, the GBST MySMSFMailbox, is active and sufficient to receive contribution notices from your employer.