How to transfer monies from your Self Managed Superannuation Fund (SMSF) to legalsuper
If you are considering transferring a portion or all of your SMSF to legalsuper there are a few tasks that you need to undertake. Below you will find a general guide that should help you with this process:
Step 1: Check your SMSF’s Trust Deed
The first task is to check the Trust Deed to see what it states about the procedures regarding winding up your SMSF or making a withdrawal(s). It is important to ensure that all decisions are minuted and members notified.
Step 2: Ascertain the value of the investments and commence disposal
The first task is to check the Trust Deed to see what it states about the procedures regarding winding up your SMSF or making a withdrawal(s). It is important to ensure that all decisions are minuted and members notified.
Step 2: Ascertain the value of the investments and commence disposal
You will need to convert your assets into cash. Assets cannot be transferred in-specie to legalsuper.
Step 3: Record keeping
Depending on whether you are winding up your SMSF or only transferring a portion of the account, you will need to ensure that your actions are appropriately recorded and you make allowance for the relevant tax liabilities and any professional fees that may be incurred for the accounting and auditing of your SMSF.
Depending on whether you are winding up your SMSF or only transferring a portion of the account, you will need to ensure that your actions are appropriately recorded and you make allowance for the relevant tax liabilities and any professional fees that may be incurred for the accounting and auditing of your SMSF.
Step 4: Transfer the assets
Draw a cheque made payable to ‘legalsuper’ and complete a ‘rollover benefits statement’. Click the links below for assistance.
Step 5: Finalise the wind up
If you intend to or have closed your SMSF, you will need to advise various organisations of this, such as your SMSF’s bank, the Australian Taxation Office (lodge final returns), and depending on the structure of your SMSF, you may need to make a decision about what you want to do with the company acting as your SMSF’s trustee.
The ATO has some guidance on its website: www.ato.gov.au/smsf/
Important Note:
The information above is intended to provide you with a general guide and we recommend that you seek the advice of a qualified professional to ascertain the most appropriate strategy, particularly if your SMSF is paying a pension.