Find & consolidate accounts
If you've had multiple jobs, there's a chance you have multiple super funds. Consolidating your accounts can save money & make your super easier to manage.
Some things are better together
Consolidating your super into one account can save you money in administration fees and means less time managing multiple accounts.
Use legalsuper’s online consolidation tool to find and combine your super. It’s easy, free and fast. All you need is your legalsuper member number to log in to MemberAccess.
Once you’ve logged in, select 'Consolidate Super'. It will only take a few moments to find and choose the accounts you want to combine and we’ll do the rest.
Things to consider before you consolidate
- Check if any fees or taxes apply before leaving your other super fund.
- Make sure your details match. Your name, date of birth and tax file number should match on any accounts you’re trying to consolidate.
- Are you self-employed? If you need to claim tax deductions for contributions to your other account, make sure you finalise your tax return before consolidating.
- Review any benefits your other super fund has, such as insurance cover. Transferring money out of a super fund can cancel your insurance and other benefits you have with that fund. If you have insurance with another super fund that you would like to transfer to legalsuper, download and submit the 'Insurance roll-in' form below and wait for confirmation that your insurance is transferred before you consider consolidation.
If you’re unsure what’s best for you, consider obtaining financial advice. You should compare the benefits, investment performance and costs of different super funds before making a decision.
Important identification numbers for legalsuper can be found here. If you're filling in forms from another super fund or a new employer, you might need these.
Transferring an SMSF into legalsuper
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.
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, the assets can be transferred via EFT or cash. A Rollover benefits statement (RBS) must be provided alongside the funds.
Bank account name: legalsuper
Bank: Westpac Banking Corporation
Account number: 560011
SWIFT code (for overseas transfers): WPACCAU2S
Branch address: Corner of Pitt & Bridge Streets Sydney, NSW 2000
Please remember to include your membership number in the transaction description.
Please include your membership number in the transaction description.
Email your Rollover Benefit Statement to firstname.lastname@example.org
Draw a cheque made payable to ‘legalsuper’, with your name and member number on the back of the cheque. The cheque must be posted with an RBS. We cannot allocate funds to your account without the RBS.
Locked Bag 5081
Parramatta, NSW, 2124
Rollover benefit statement
Download and complete a Rollover benefits statement.
For help completing the Rollover benefits statement, visit the ATO website.
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 on their website.
This information is of a general nature and does not take into account your individual objectives, financial situation or needs. You should therefore consider the appropriateness of the information and obtain and read the relevant legalsuper Product Disclosure Statement and Target Market Determination before making any decision. Past performance is not a guide to future performance.