Thinking about transitioning your SMSF to TAMIM Asset Management?
Here are the practical steps involved.
Consider the timing of your fund transfer to TAMIM Asset Management. If you’d like us to handle the financial statements for the existing financial year, we will need to see them and provide a quote.
For a quote prior to your application, email firstname.lastname@example.org.
If you intend to transition in the next financial year we ask that you establish your new trading and cash account prior to the end of the financial year so you can transfer your cash and investments to your new accounts for a clean July 1 start.
TAMIM Asset Management relies heavily on data automation to provide our daily online reporting service.
For this reason, we have a panel of online trading platforms accepted under our business model. Please contact us to discuss your existing provider of choice and how a transition if required may work.
Simply provide your current SMSF information via our online
application form that should take about 5 minutes to complete.
We will forward your welcome pack to you, including your pre-filled application for your new online trading account where selected, cash account and term deposit hub. The trading account application form will ask you to nominate your current investment holdings and holder identification number (HIN) which you will need to transfer to your new provider.
We will also provide you a checklist of your fund documentation we ask you to send to us, either in hard copy or via email. The types of documents we will need (but not all) to effect the transition include:
• The SMSF trust deed
• All minutes of meetings and trustee resolutions
• Most recent set of audited financial statements
• Current year transaction history and documentation
• Any copies of term deposits not yet matured
Transitioning to us is much like dealing with your traditional accountant where we ask you to bundle everything up and send to us in one batch.
If you are transitioning from another SMSF specialist Administrator, they should be able to provide all of this information to you quite simply.
Please note: we cannot guarantee the timeliness of our service until all of this information has been received in full.
Close your existing bank account
Our service is reliant upon you having one cash account for your SMSF which is the Commonwealth Bank Accelerator Cash Account. We will open it for you and ask that you close your existing account and transfer any cash.
Update your employer
Now that you have a new bank account for your SMSF, you will need to advise your employer of these details for any future contributions.
Tamim Asset Management is not obligated under our terms and conditions until the execution process is complete.
Administering your fund
Tamim Asset Management’s business is based on automation, so we will start to receive data as soon as your accounts are active. However, there are instances where we don’t receive notifications and it is your responsibility to keep us up to date in these situations so we can maintain updated daily online reporting.
•Contributions or adhoc depositsto your SMSF other than yournominated employer contributions
•Pension withdrawals or adhoc withdrawals from your SMSF other than nominated periodical pension amounts
Your welcome pack will be sent to you within 24 hours of receipt of the online application form.
Your term deposit, online trading and cash account will be opened within 5 – 7 business days of receipt of your completed application forms and identification.
Whilst you can transfer the cash to your account and start trading as soon as your account is open, your Tamim Asset Management online reports will not be available online until you have returned every document we ask for on our checklist so that we may bring the current year information up to date. Provided everything comes to us in its entirety, it’s likely you can be up and running within 7 – 10 business days.
Online access to your SMSF
Once your transactions have been processed in our accounting software and brought up to date, we will send you an ‘Invitation to Subscribe’. Once you click ‘subscribe’ you will be able to view all your vital fund information.
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