You should contact your existing fund before completing a withdrawal form as some providers charge administration fees as well as exit or withdrawal fees and it’s important you’re aware of these.
DEATH, TPD & OTHER BENEFITS
Your existing fund may provide insurance benefits in the event of death, illness or an accident which leaves you unable to return to work. If you choose to leave your current fund, you may lose any insurance entitlements you have.
Many people leave a small balance in their existing fund to preserve their insurance, not realising it’s simple to transfer, and generally cheaper, to hold direct insurance in your SMSF as the account keeping fees and cost of insurance in retail funds are usually more than wholesale rates.
Once you have received the ABN for your fund and have an active bank account you are able to arrange the rollover of your superannuation money into your SMSF.
The below documents must be provided to your existing fund:
1.Signed rollover request form
TAMIM Asset Management provides an ATO generic rollover form for members wishing to transfer the full balance of their super fund to their new SMSF. Should you wish to make a partial transfer, you will need to contact your fund and request the appropriate form. Please note that a separate form will need to be filled out for each fund you are requesting a transfer from.
2.Certified identification for yourselfand your SMSF
To process your rollover, you must provide certified copies of ID. A driver’s license or a copy of your passport should suffice. It is important to also provide identification for the SMSF your money is being transferred into, such as an extract of theSMSF trust deed. Please see the list overleaf of whois permitted to certify your SMSF identification.
3.Documentation to show your SMSF is regulated
To prove your SMSF is a regulated fund and able to accept rollovers and contributions, you will need to provide your existing provider with an extract from the ABN Lookup website www.abn.business.gov.au and a copy of the letter you receive from the Australian Taxation Office advising them that your SMSF is a regulated fund. Please contact us and we can provide this to you.
Your future superannuation contributions
Now that your SMSF is active, it’s important that you notify your employer of your SMSF’s CBA account details so all future contributions can be deposited into your new fund.
When you receive your rollover cheque, please bank it and forward a copy of all documentation to
Should you have any further questions relating to your rollover, please contact us.
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