You can request the transfer of assets from a WRAP ( SMSF) account, to be transferred or split into an existing or new Super account(s) by completing a WRAP withdrawal. If there is not an existing Super account, you will need to complete an application online or via the appropriate application form found under Forms & Disclosure Documents. If you are creating more than one account, multiple applications will need to be completed.
SMSFs Rollovers
In all scenarios, it's important to remember the following:
- Rolling from an SMSF to Retail Super is a "Change of Beneficial Owner", and this will reset the cost base of any assets transferring. This means tax is realised in the SMSF when rolling out.
- It is very important to check that the assets held in the SMSF are compatible with the Retail Super product of your choosing. For example, some SMSFs may hold assets that are considered to be wholesale, such as information memorandums, partly paid funds, limited partnerships, art and valuables etc which cannot be transferred into a Retail Super product.
- If you are transferring a pension phase member balance via inspecie rollover, it will have to go through a temporary accumulation account first. This is due to the account recieving an in-specie transfer to wind up an SMSF, but is still completed through a 'pension application'. Due to the nature of inspecie transfers, the assets will transfer on different days. Netwealth cannot start the start the pension account until all cash, assets and a correct RBS have been received.
Netwealth SMSF to Netwealth Retail Super
This can be instructed through a WRAP withdrawal form. Once complete, Netwealth will provide you with a total dollar transfer figure for the accountant/administrator to use on the RBS - please use the exact figure Netwealth provide to you. Netwealth cannot allow you to nominate an effective/consideration date for asset pricing in this scenario.
External SMSF to Netwealth Retail Super
This can be instructed through a Inspecie transfer form. If there are multiple member balances in the SMSF, it is very important that you provide clear instructions on exactly how many units of each asset is to transfer into the Retail Super account.
For external transfers in, Netwealth are happy to use any consideration date within the 30 days prior to the inspecie request being received (as long as the consideration date does not precede the account establishment date).
You or the counterparty can instruct Netwealth of the consideration date you wish to use when transferring the assets. Note that the accountant may wish to provide you with a suggestion on the date of consideration to provide to Netwealth.
SMSF Windup - Process to move SMSF cash in a bank account to Netwealth Super account
- The accountant/administrator lodges the SMSF SuperStream message.
- Accountant/administrator to provide the output/confirmation of superstream message to the client/adviser - this will include the rollover bank details and payment reference for the EFT transfer.
- Client to EFT funds into the NW rollover account provided on the SuperStream message, along with the payment reference number included.
- IMPORTANT: This payment MUST always include the reference. The payment reference and payment amount need to match the exact amount listed on the superstream message for it to be reconciled correctly.
- IMPORTANT: If the SMSF bank account has an EFT limit, you will need to generate a new SuperStream message for each EFT transaction. E.G. if they are trying to rollover $300k but they are limited to $100k a day, then you will need to generate 3x separate SuperStream messages for $100k. Each transaction will have its own payment reference.
- Once the monies are received, Netwealth will reconcile the payment against the reference number, to obtain the RBS via SuperStream.
SuperStream and RBS Considerations
As of 1 October 2022, SMSF rollover messages/RBSs are required to be sent via SuperStream. SuperStream generates a confirmation message back to the accountant/administrator who has submitted the request, and these are the details that need to be used for the transfer of funds. SuperStream does not facilitate the actual transfer of the monies itself, it's simply the messaging between the two parties (the sending fund and the receiving).