Consolidate your super

• Step 1: The Trust Deed will outline procedures for winding up your SMSF or making a withdrawal(s). It is important to ensure that all decisions are minuted and members are notified.
• Step 2: You will need to convert your assets into cash. Assets cannot be transferred in-specie to legalsuper.
• Step 3: 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 that 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:Once the SMSF has been terminated, you can initiate a rollover through your SMSF administrator or by completing the ‘Rollover request to transfer whole balance of superannuation into legalsuper' form.

Alternatively, you can arrange the transfer by calling us on 1800 060 312 weekdays, 8:00 am to 8:00 pm AEST/AEDT.

You’ll need your SMSF’s ABN and an active electronic service address (ESA) to request a rollover.

• Step 5: Once the rollover has been initiated, your SMSF messaging provider will provide a Payment Reference Number (PRN) or advise you to generate your own. You need to quote this PRN when making the payment via Electronic Funds Transfer(EFT) to legalsuper's bank account.

Please note, it is essential that you use the Payment Reference Number provided by your SMSF messaging provider in the reference or description field when making the EFT payment so that the payment can be identified by legalsuper.

EFT:
Bank account name: legalsuper
Bank: Westpac Banking Corporation
BSB: 032021
Account number: 560011

Reference no: Ensure you include the correct Payment Reference Number for your SMSF rollover transaction.
SWIFT code (for overseas transfers): WPACCAU2S
Branch address: Corner of Pitt & Bridge Streets Sydney, NSW 2000

• Step 6: To lodge final returns, you must advise various organisations of the winding up, such as your SMSF's bank and the Australian Taxation Office. 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.

Consolidating superannuation means combining multiple super accounts into a single fund. This helps reduce fees, simplify account management, and maximise retirement savings.

Consolidating is generally advisable, however, this will depend on your personal situation.

Advantages:

• Saves money on multiple account fees.
• Simplifies super management by having one account.
• Easier tracking of investment performance.

Disadvantages:

• Loss of specific insurance benefits attached to other accounts (please note, insurance can often be transferred to your new fund).
• Potential exit fees from some funds.
• Tax implications depending on your circumstances.

Before consolidating, check the details of each account to ensure you don’t lose valuable benefits. You may also want to book a free appointment with a legalsuper Client Service Manager.

After consolidating, you should:

1. Confirm that the transfer has been completed successfully.
2. Update your employer with your new super fund details.
3. Review your investment strategy and insurance coverage.
4. Monitor your super balance regularly.

Once you start the transfer, the ATO handles the rest. Both your super fund and the ATO will notify you once the process is complete. Although it usually takes a few days, it's wise to monitor your accounts to make sure everything goes through smoothly.

To find all your super accounts:

1. Log in to myGov and make sure that it is linked it to the ATO.
2. Check under ‘Super’ for multiple accounts.

Consolidating your super is generally tax-free when transferring between compliant Australian funds. However, tax may apply if moving from a taxed to an untaxed fund or if preserved benefits are involved. If you’re uncertain, seeking advice from a financial expert is recommended.

Yes, you can consolidate your super from an SMSF.

You can transfer super from a previous employer’s fund to your current fund by logging into myGov, checking your current super funds under ‘super’, selecting the fund you’d like to roll into and consolidating into it.  

There are generally no fees associated with consolidating your super, however, some funds may charge buy-sell spread fees. It’s recommended to check with your individual fund.

Before consolidating:

• Review the Life, TPD, and income protection insurance in your current funds.
• Check whether you can transfer existing cover to the new fund.
• Check the impact of consolidation on insurance fees.

Contact your fund to confirm insurance details before proceeding.

The easiest way to combine super accounts is through the ATO’s online services. After logging into MyGov and linking it to the ATO, you can see all your super accounts. Select the accounts you want to consolidate and follow the prompts to transfer balances into your chosen super fund.

If you have a defined benefit account, consolidating may not be in your best interests. Rolling it over can convert your benefit to a lump sum and result in the loss of valuable features that can’t be replaced. Consider your options carefully and seek financial advice before proceeding.

Important identification numbers can be found here if you're filling in forms from another super fund or a new employer.

legalsuper is currently unable to accept transfers from the UK due to recent changes in the United Kingdom's requirements, which affect Australian superannuation funds.

Should those requirements be amended, legalsuper may, in the future, be able to resume accepting transfers from the UK. For more information, please contact us.