# Roll over funds to SMSF



## beach_seeker (30 December 2009)

Hi everyone,

I finally took the plunge and got a SMSF setup.  I now need to transfer the funds from my existing Super Fund to my SMSF.  

To transfer to the SMSF, the form that needs to be filled, in the “Fund details… To” section of the form, it’s asking me to enter a “Membership or account number”.  

As I am transferring the funds to a SMSF, I don’t have an account number as such so does anyone know what should I write there ????

Thank you in advance.


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## gooner (30 December 2009)

beach_seeker said:


> Hi everyone,
> 
> I finally took the plunge and got a SMSF setup.  I now need to transfer the funds from my existing Super Fund to my SMSF.
> 
> ...




I wrote "member 1" for me and "member 2" for the wife........


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## Krusty the Klown (30 December 2009)

How about "Not Applicable"?


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## nulla nulla (30 December 2009)

Gooner is correct. We used a combination of letters & numbers (Members AI, B2). The ATO also requires that the SMSF members have a member number to discern the individual contributions, holdings, entitlement, etc.

Your accountant should explain this to you, as another requirement of the SMSF is your accountants audit each year that the smsf is being run in accordance with statutory requirements.


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## Happy (30 December 2009)

nulla nulla said:


> ...
> Your accountant should explain this to you, as another requirement of the SMSF is your accountants audit each year that the smsf is being *run in accordance with statutory requirements*.





Yes, you cannot have any Super without anybody's hand in it

I wish it could be simplified to the point that of maintenance expenditure cost say 100$ a year or less, but fat chance even with changes.


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## beach_seeker (30 December 2009)

Thank you everyone for your reply.  I'll use Gooner's suggestion of "Member A1" and "Member A2".

Thanks again.


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## Julia (30 December 2009)

Beach seeker, who did you use to prepare the Trust Deed and set up the SMSF?


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## beach_seeker (1 January 2010)

Hi Julia, I used Maddern Financial Advisers, they are located in Malvern and they have a accounting section of the business that did the job.


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## Julia (1 January 2010)

beach_seeker said:


> Hi Julia, I used Maddern Financial Advisers, they are located in Malvern and they have a accounting section of the business that did the job.



Care to share what they charged?
I'd have thought they would have told you how to fill out the forms.


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## adobee (1 January 2010)

I am also setting up a SMSF at the moment .. and will be transfering my shares into it .. I am setting it up with a corporate trustee so that there can be a single trustee... I will advise full cost on completition in next couple of weeks.. I have asked that my accountant handle all of it so can give estimate for full service .. the roll over will be from my families smsf as other members of my family are now retiring and will go on allocated pension etc ...


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## Boggo (1 January 2010)

You can build all of the documents required for just about any situation including SMSF etc.

I have made modifications/additions to my original trust deed and forms to cater for legislation changes for Instalment Warrants etc.

http://www.lawcentral.com.au/default.asp


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## Julia (1 January 2010)

adobee said:


> I am also setting up a SMSF at the moment .. and will be transfering my shares into it .. I am setting it up with a corporate trustee so that there can be a single trustee.



That's a really good idea.  I wish I'd done that.  Having another Trustee can be inconvenient.  You need to send POA documents with every signature you do on their behalf, or else actually have them sign which isn't practical.


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## Taltan (2 January 2010)

Basically any superfund is obliged to give you your money provided they are given a "Certificate of Compliance" form. This basically states that the SMSF is compliant and that you want the money rolled over.

Many funds also ask for copies of deeds, member numbers + their own forms filled out. If they cause trouble make sure they provide the certificate


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## beach_seeker (2 January 2010)

Julia said:


> Care to share what they charged?
> I'd have thought they would have told you how to fill out the forms.




Based on their recommendations, the SMSF setup is: - a corporate trustee, my wife and myself also as trustees.  I already had a dormant company so that's what they used so I didn't have the additional expense of setting up a company.  All up, they charged me $1500.00 for the job.


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## beach_seeker (2 January 2010)

Thanks Taltan, I heard stories where the Super fund you want to roll over from doesn't want to part with your money so they try to prolong the hand over for as long as they can get away with.  

I hope that was just a story I heard and no more.


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## Taltan (7 January 2010)

The funds try everything to hold on, especially if the amount of money is significant. As I said make sure you provide the signed "certificate of compliance" and if they don't co-operate threaten to take it to APRA.

Personally I've found that unless threatened they're difficult to deal with


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