SMSF Transfer into legalsuper

 How do I transfer my Self Managed Superannuation Fund (SMSF) to legalsuper

Step 1: Check your SMSF’s Trust Deed

The Trust Deed will outline 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.

Step 4: Transfer the assets

Once the SMSF has been terminated, draw a cheque made payable to ‘legalsuper’ and complete a rollover benefits statement with help from the rollover benefits statement template

Step 5: Finalise the winding up

You will need to advise various organisations of the winding up, such as your SMSF’s bank and the Australian Taxation Office to lodge final returns. You may also need to decide what to do with the company acting as your SMSF’s trustee. The ATO offers help at http://www.ato.gov.au/Super/Self-managed-super-funds/

Important

This is a general guide only. 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.

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