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What is the in-specie transfer process for Wealth Accelerator?

For a more in-depth explanation of the Netwealth in-specie process, please review the booklet here.

What supporting documents must I supply?

  • Cost base information must be provided in excel format where there is no change of beneficial
    owner. It needs to show the date of purchase, number of units and original cost/adjustments for
    each parcel. This enables us to provide you with an accurate Taxation Statement each year.
    Transfers are unable to be initiated until the cost base information is provided.
  • Portfolio valuation that is accurate and up to date. In the case that the transfer is not a change in
    beneficial ownership, the portfolio valuation and unrealised CGT report must match.
  • For direct holdings, it would be beneficial to provide a copy of ASX, international and managed
    fund holding statements so we can confirm the registration details.
  • For an SMSF windup, please provide a signed rollover benefit statement with the completed
    forms, and documentation that clearly outlines the asset split. 

 

How do I complete the transfer documentation?

Step 1: Download the applicable In Specie Transfer form

Forms can be downloaded via the Netwealth website by Navigating to Support > Forms and
Documents > Wealth Accelerator/Super Accelerator Plus, or click on the links below:

  • Download for Wealth Accelerator Plus "In specie transfer and limited power of attorney" form


Step 2: Complete the Power of Attorney Deed Poll
a) Determine the number of deed polls required.

Depending on the account type you are setting up, you may need to complete one or two
deed polls as listed in the booklet.

b) Complete the deed poll.
Ensure the information added matches prior holding statements or naming conventions on
the prior account. 


Step 3: Complete the applicable annexure page/s

Annexure A is where you specify the assets to which the power of attorney applies. You are given
three annexure options depending on how the assets are currently held:

  • In specie transfer to Netwealth of assets held in an account with another
    platform/broker/financial services provider (e.g. margin lender);
  • ASX listed securities, Managed funds and other investments that are directly held (SRN), or;
  • International securities that are directly held

You only need to complete the annexure relevant to this transfer, and any unedited annexures can be
discarded.

 

Step 4: Print and sign
a) Print a copy of the completed PoA and relevant annexure forms
b) The asset holders should make sure to sign in the appropriate section depending on whether
the account is in the name of an investor, or company, and date the annexure.

Important note regarding company accounts: Assets held in the name of a company or corporate
trustee do not require a witness signature.


Step 5: Submission

Scan and upload your completed forms, along with the supporting documentation. If you are
uploading these forms at the time of the application, note that once you have submitted the scans,
you must post the original form to us at:
Netwealth Investments Limited
Reply Paid 336
South Melbourne VIC 3205

 

Frequently asked questions:

How long does an asset transfer take?
It can be difficult to provide precise timeframes due to the nature of dealing with third parties such as
share registries, broking institutions, fund managers, platform providers and Custodians.
The type of investments held combined with where they are coming from or going to, may also have a
significant impact on how long an asset transfer takes.
Assuming all the paperwork received by us is correct, cost base is attached, and no further
information is required, the following timeframes can be used as a guide:
Share transfers (issuer): 3-4 business days
Share transfers (broker): 3-4 business days
International Shares: Up to 3 months
Managed Funds: Dependant on the fund manager
Managed Funds (frozen): Dependant on the fund manager
Platform-to-platform: Dependant on the previous provider*


Corporate actions and dividend payments may delay a share transfer. Non-daily priced funds (or
Hedge Funds) often have longer completion times due to their infrequent pricing.
*Some platforms may take up to 10 days to respond to our requests. Actual processing time can take
up to 3 months.


Can I track in specie transfers in progress?
Yes, please log in to your Netwealth account and navigate to Transactions > pending to view asset
transfers in progress.


What trustee restrictions apply to asset holdings on Netwealth?
No trustee restrictions apply.


How do I ensure my assets are approved?
If the asset you require is not showing on the website, please contact your Netwealth BDM/TRM.

 

Do I have to pay stamp duty on the transfer of assets?
No stamp duty applies for in-specie transfers in to Netwealth. Netwealth covers stamp duty costs
(except for internal transfers between products, or transfers out of Netwealth).


Do Netwealth charge a fee to transfer assets in to the platfom?
No, there are no fees to transfer assets into the Netwealth platform.

 

Do Netwealth charge a fee to transfer assets off of the platform?

There is a fee for transferring managed funds, ASX listed securities or other investment options that are held in Netwealth to you or to another entity, where the transfer is made at your request. The transfer out fee is $50.00 per managed fund, ASX listed security or other investment. This transfer fee does not apply to non-custodial assets. This fee is deducted from your cash account at the time of the transfer and is paid to us.

How can I check the holding details of a direct share?
If you have the SRN/HIN and postcode and you would like to check the registration of a share details
of a share for the POA, you can login as an investor to Computershare or Link Market Services.


Will all other platforms allow me to transfer assets across to Netwealth?
The table on page 11 of the booklet is correct as at the date of this document, however we recommend checking with the
the transferring fund to check prior to completing any forms in case there are any nuances for the
underlying products.

Can I send in an Australian Standard Transfer Form (ASTF)?
Yes. You may also initiate the transfer from the previous platform using their forms.


Will a CGT event occur?
A CGT event will generally occur when ownership is transferred from an entity (such as a trustee) to
another. When carrying out an in-specie transfer into superannuation, you should take into
consideration the following CGT implications:

  • Some entities may trigger a capital loss, which could be used to offset current or future year
    capital gains from other assets held in their entities name.
  • Where a capital gain is made, an individual may be able to reduce or eliminate CGT by claiming a
    portion of the in-specie contribution as a tax deduction.
  • The cost base of the in-specie asset will be the market value of the asset as at the date of transfer.
    The 12 month CGT discount is reset and will commence on the same date.

Why is this form a power of attorney?
The Limited Power of Attorney (LPOA) obtained via this form is limited to the in-specie transfer of
those assets listed on the form. The LPOA is null and void once the last asset transfer has been
completed. The limited POA allows us to fill in Australian Standard Transfer Forms on your client’s
behalf.


What happens once my forms have been received?
Forms are reviewed to ensure all the required information has been supplied.
We will complete the necessary paperwork to have the investment/s transferred to be held on your
behalf by Netwealth. This may involve sending a ‘Standard transfer’ form to the applicable State
Revenue Office, then sending the change of registration details to the relevant fund manager/share
registry.
Transferring assets can be a lengthy process and depending on the counterparty (e.g. fund manager,
share registry or other platform) it will normally take up to 12 weeks to be completed.

 

Can't find what you need?

Let us help you with your query. You can contact us on 1800 888 223, or email us at contact@netwealth.com.au

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