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Steps to Complete Superannuation Rollover to your SMSF with Redwood Advisory

The Redwood Advisory promise is to make taking control of your super easy through your SMSF.

A key part of the SMSF establishment process is rolling over your superannuation balance from your industry/ employer sponsored fund (i.e. Australian Super/ MLC etc.) to your Self Managed Superannuation Fund (“SMSF”).

This article will highlight the key steps in the process to ensure your transfer process is smooth with no surprises.

Steps to roll over your super:

  1. Set-up an SMSF with Redwood Advisory
  2. Redwood Advisory will apply for an ABN & TFN for your SMSF on your behalf upon establishing the fund. The ABN can take up to 28 days to be issued from the ATO and received by the fund however usually takes around 1-2 weeks.
  3. Once the SMSF ABN is received, establish a SMSF bank account
  4. Once bank account is established, you are then ready to roll over your super
  5. Complete a ‘Request to transfer whole balance of superannuation balance between funds form’ this will be included in your Redwood Advisory Account Opening Pack and can be downloaded from the ATO website

–          This form is easy to complete. In the ‘To’ field, you will need to complete the ‘fund name’, ‘fund phone number’ and ‘ABN’, however, the ‘SPIN’ and ‘member number’ is to be left blank.

–          Ensure you include a certified copy of driver’s license or passport and attach a ‘certificate of compliance’

  1. Send the original form to your employer sponsored fund immediately to avoid delay and best practice will be to also email a scanned copy of the form
  2. If possible, request the transfer to be completed by Electronic Funds Transfer and any cheques should be addressed to the fund address not Redwood Advisory
  3. If the above steps are executed, the turnaround from the industry/ employer sponsored fund receiving the documentation is 5 business days.
  4. You cheque or EFT will be deposited into your account and you will be ready to take control of your super and your investment future.

You will need to complete the above steps for each member of the fund. Redwood Advisory will be more than happy to certify your documentation as we are Chartered Accountants.

This article was written by Ivan Filipovic – Director of Redwood Advisory SMSF Specialists.

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Ivan Filipovic

Ivan Filipovic is an experienced, independent Property, SMSF and Finance Expert and the founder of Redwood Advisory. Ivan has been educating and coaching investors for over 15 years and has built a successful property portfolio with a number of positive geared properties across Australia.  Ivan provides valuable and honest guidance by educating Australians on how to invest successfully protect yourself with knowledge, contact Ivan today for a complimentary consultation on 1300 790 110 or email ivan@redwoodadvisory.com.au

All stories by: Ivan Filipovic