Superannuation fund rollovers
– A trustee or a director of a corporate trustee of a self-managed superannuation fund (SMSF)?
At a glance:
– The Tax Office has outlined the requirements when a member is making a rollover from one super fund to another.
– Ensure that the completed Rollover benefits statement/s are provided to the receiving fund and the member in a timely manner.
– Contact us if you require any clarification or advice.
A Rollover is when a member transfers some or all of their super from one fund to another.
Rollovers received from one fund to another are not assessable income for the receiving fund unless it includes an untaxed element.
When a rollover is made, the trustees of the fund have to:
- Confirm the fund receiving the rollover is complying; and
- Complete a rollover benefits statement.
The trustee of the rolling out fund has the obligation to:
- Provide the completed Rollover benefits statement to the receiving fund, either with the payment or within the next seven days;
- Give a copy of the form to the member within 30 days; and
Keep a copy for their records for five years.
The Rollover benefits statement allows the receiving fund to:
- Apply the correct income tax to the rolled over components; and
- Maintain the preservation status of the benefits rolled over.
For more information, click here.
– You cannot roll over benefits to a non-complying superannuation fund.