Question 4 – Do you need to complete a 'Rollover benefits statement'?

Topic Progress:

Your SMSF must generally complete a ‘Rollover benefits statement’ (NAT 70944) when rolling over all or part of a member’s superannuation savings to another complying superannuation fund. Listed below are examples of when a statement must be completed:

  • Accumulation phase – where a member wishes to rollover all or part of their superannuation balance to another superannuation fund. This includes where the member has satisfied a condition of release, or where the member intends to commence a new pension from the receiving fund.
  • Contributions splitting – where a member is required to split superannuation contributions with their spouse, and will be transferring this amount to the spouse’s account in another superannuation fund. Contributions splitting involves the transfer of a portion of a member’s concessional superannuation contributions (e.g., employer superannuation contributions) for the benefit of their spouse. 
  • Family Law obligations – where a member separates from, or divorces their spouse and must transfer part of their superannuation benefit to their spouse’s account in another fund.

Hence, a ‘Rollover benefits statement’ will usually need to be completed for a typical rollover. However, a statement is not required in some instances, which are discussed by the ATO here (refer to ‘Types of payments that don’t require an RBS’).

TIP – Multiple statements required

Where a member has requested the transfer of superannuation benefits to more than one fund, you need to complete separate ‘Rollover benefit statements’ for each rollover.