StakeSMSF does not provide personal financial advice. This information is general in nature and does not take into account the objectives, circumstances or financial needs of any particular individual. StakeSMSF can only assist with the paperwork required to transfer your super to your SMSF. We cannot tell you how much (if any) of your super you should transfer to your SMSF. Refer to our disclaimers for further information.
Certified identification documents and SMSF bank letter
In addition to completing the transfer form (sometimes called a withdrawal form) you will be required to provide identification documents such as a certified drivers licence or passport.
Most super funds will pay the transfer electronically to your SMSF bank account so a bank statement or letter from the bank may also be needed. We can provide a certified bank letter for your SMSF bank account on request. Contact us for further information.
How long does it take for super monies to be transferred?
APRA regulated super fund (industry and retail super funds) legally have 28 days to transfer your super to your SMSF. Between March 2021 and September 2021 APRA super funds will transition to paying transfers to SMSFs electronically via the SuperStream system. This change will require large super funds to pay transfer requests within 3 business days.
Insurance and Transferring Super to SMSF
When transferring existing super to an SMSF you have to make a decision about whether to keep or replace any existing insurance cover. Your options are:
1. Get new insurance in your SMSF;
2. Keep insurance by maintaining existing super account;
3. Cancel insurance by closing account without replacement;
If you transfer 100% of your existing super account to an SMSF any insurance cover attached to that account will be lost.
If you decide to keep a balance in your existing super account (to maintain insurance cover) you should contact your existing fund and check their requirements and if they specify a minimum balance or a requirement for regular contributions.
More information on insurance and your SMSF can be found here: SMSF Insurance