Question 2 – Has supporting paperwork been completed for the rollover?

Topic Progress:

The member needs to complete a ‘Rollover initiation request’. This form captures the administrative details regarding their superannuation balance to be transferred. The type of form to complete will depend on whether they are transferring their superannuation to another SMSF or an APRA-regulated fund, as follows:

  • Transfer to an APRA-Regulated fund – complete the ‘Rollover initiation request to transfer whole balance of superannuation benefits between funds’ (NAT 71223).
  • Transfer to an SMSF – complete the ‘Rollover initiation request to transfer whole balance of superannuation benefits to your self managed super fund’ (NAT 74662).

Note the following points about completing the form (these points apply to both forms):

  • The member will need to provide the proof of identity documents (refer to the form for details).
  • The member cannot cannot use the form to transfer only part of their superannuation balance.
  • Completing the form will not change the fund to which the member’s employer contributes.

Members may request your assistance as trustee to complete the form. If you need assistance completing the form, consider seeking assistance from an SMSF Specialist Advisor.

TIP – Inform your member to notify their employer of the change in super funds

Make sure you remind your member to contact their employer to advise of their new fund details. Where an employer offers superannuation choice, a member can use the Superannuation (super) standard choice form (NAT 13080) to advise their employer of their new nominated super fund details. An employer has two months after a member returns the choice form to action their request.

Lump sum pre-payment statement – SMSF trustee and member to complete

Where a member has requested to rollover only part of their superannuation benefits in your SMSF, it is best practice to complete the Superannuation lump sum pre-payment statement (NAT 70764). Although it is not compulsory, using this form helps ensure that you obtain all the information needed to complete the roll over request.